RECEIVING UK STATE PENSION IN PHILIPPINES
 

HI,
I will be retiring to the Philippines soon. Hopefully I will reach my UK State Pension Age before i depart the Planet !
Which will be the best option for dealing with my UK State Pension in the Philippines ?
1) Go through a complicated procedure with the DHSS etc in the UK to ensure that it is paid into a Bank Account in the Philippines...Or
2) Keep Quiet about it, have it paid into a UK HSBC Account and manage it with HSBC Expat via Global View Transfers between Accounts

I have probably answered my own question but would be most grateful for any advice from people who have been around this loop.

TIA

Cheers

Re: RECEIVING UK STATE PENSION IN PHILIPPINES
 

No need to keep quiet about but I'm doing 2.

Re: RECEIVING UK STATE PENSION IN PHILIPPINES
 

Agree with Gazza-D! Keep your UK bank account. Then remit funds to your account, in the Philippines. This is your best option.
You are not entitled to Winter Fuel Allowance etc. being Non-Resident, but you are entitled to any annual increases. Every few years, you get a form, whereby you need certification of continuing existence. This usually arrives a few days before the deadline. UK State Pension is taxable in UK.

Re: RECEIVING UK STATE PENSION IN PHILIPPINES
 

you may wish to check the costs of remittance and exchange rates as in some cases a direct transfer is cheapest. you can still keep your Uk bank accounts

Re: RECEIVING UK STATE PENSION IN PHILIPPINES
 

Also check out Transferwise. Competitive exchange rates, efficient and faster than bank to bank transfers

Re: RECEIVING UK STATE PENSION IN PHILIPPINES
 

I do use transferwise as I usually get a few more pesos even with the fee but from HSBC UK to PNB usually takes a couple of days. HSBC UK to HSBC PH is instantaneous.