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RECEIVING UK STATE PENSION IN PHILIPPINES

RECEIVING UK STATE PENSION IN PHILIPPINES

Old Jan 31st 2020, 10:36 am
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Question 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
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Old Jan 31st 2020, 10:47 am
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Default Re: RECEIVING UK STATE PENSION IN PHILIPPINES

Originally Posted by Getridofglazer View Post
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
No need to keep quiet about but I'm doing 2.
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Old Jan 31st 2020, 9:58 pm
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Default 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.
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Old Feb 1st 2020, 8:39 am
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Default 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
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Old Feb 1st 2020, 10:44 am
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Default Re: RECEIVING UK STATE PENSION IN PHILIPPINES

Also check out Transferwise. Competitive exchange rates, efficient and faster than bank to bank transfers
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Old Feb 1st 2020, 10:51 pm
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Default Re: RECEIVING UK STATE PENSION IN PHILIPPINES

Originally Posted by Bealinehx View Post
Also check out Transferwise. Competitive exchange rates, efficient and faster than bank to bank transfers
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.
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