Cape Blue

I think you are confusing the UK State Pension generated by NI contributions and paid by the Gov to all citizens, and people's personal/company pensions paid by their employers (or their own) pension provider.

If someone worked for the Gov, then they may have both a State pension and a gov employees pension.

The OP was asking about the State pension. It is not transferable into a QROPS.

Asia-Savi

Hi Cape Blue,
No confusion - just lateral thinking to potentially create other ways to achieve a defined goal.

dontheturner

Have to agree - I think you are totally correct, NOT possible even for service people to take lump sum, of state pension. - However - can be done with civil service one, as I am aware, don

miradav

Hi Every body,

Here is an extract of payment details for expats abroad.

Payment to a bank in the country where you live

Your State Pension can be paid electronically into any of the following countries: Antigua, Australia, Austria, Bahamas, Barbados, Barbuda, Belgium, Canada, Channel Islands, Cyprus, Denmark, Dominica (Commonwealth), Dominican Republic, Finland, France, Germany, Grenada, Guyana, Hong Kong, Ireland, Israel, Italy, Jamaica, Luxembourg, Malta, Monaco, Netherlands, New Zealand, Norway, Portugal, San Marino, South Africa, Spain, St Kitts – Nevis, St Lucia, St Vincent and Grenadines, Sweden, Switzerland, Trinidad and Tobago, United States of America.

From October 2009 additional countries will be: Bangladesh, Bulgaria, Colombia, Egypt, Greece, India, Indonesia, Mexico, Morocco, Nigeria, Pakistan, Peru, Poland, Thailand, Tunisia, Turkey and Yemen.

Payment will be made in the local currency of the country in which the bank account is held. No charges are made for this service.

Hope this helps.

Asia-Savi

Agree in full with your observation. The option is to have UK State Pension paid into offshore tax-free institution and instead funds from Occupational Pension released into a pool of local currency to fulfil local needs.

Cape Blue

So you passed the MBA then

sunnydays

Open a UK bank account from one of the big banks in the PI. We have BPI Europe, but there are others. Doing it from here may be a problem but its the only way.
BPI are excellent and you can even have a sterling account.
Peter

miradav

Hi Peter, That is not the problem, have a bdo account, but uk pension to the Pippines at not electronically transferred, they send a money order (cheque) to the bank. Waiting to see how along it takes to get into the account.
Dave

sunnydays

Hi Dave, why not put the pension into your BDO account in the UK and then transfer to the PI in Pesos, do it via on-line banking. I shall do this when I need the state pension in a couple of years time.

sunnydays

Dave, sorry, reread your mail again and you do not have a UK bank account. Will the BDO open for you one in the UK, then its easy enough to arrange the transfer by email in Pesos to the BDO account here.
It will be interesting to see how you go with the postal system for the pension check, as said, the mail is not very reliable in some areas.
Peter

coffindodger

Have a look at this one. !!!

http://britishexpats.com/forum/showthread.php?t=690877

DAVIE_MAC

Hi There,

As an ex-serviceman I would be most interested in any deatils you may have regarding moving your service pension Off shore.

Any help & info would be greatly appreciated.

Cheers Dave

miradav

Hi, Update. Spoke to the International Pension Service UK yesterday about payment of state pension to the Philippines.

The payment is paid by cheque and sent by courier which takes approx 28 days to your bank. Then we have to wait for clearance, which according to BDO takes 20 working days.

No alternative way to send to Philippines unless you have a UK account.

Regards

sunnydays

Thankyou for the info, at least by courier it guarantees delivery.

Paying a military type pension through "Paymaster" directly to the bank in the Philippines involves the bank signing a paper that commits them to repaying any overpaid payments in the event of death of the pensioner. Banks here will not sign this undertaking.
The Civil service are more tolerant and will send Pesos here without paperwork to the bank. What is also interesting is that the exchange rate they use is never lower than the the rate of the day (BPI). I checked this with several quotes over a month and compared rates with what the Civil service pension pay company used. Also there is no charge for the transfer.

My Barclays UK have said that they do not mind us living overseas but will continue to remove Tax as a Resident. Suggested we could go to Barclays Knightsbridge for similar service to avail of taxfree accounts......but you pay for the privelidge.

Think I'll put my state pension in our Star account with BPI Europe in UK least that's instant access and available on-line.

miradav

I get my Military Pension paid direct to the bank here (BDO), just contacted Paymaster with bank details, had no problem, nothing for the bank to sign.

State pension by cheque only at the moment.

Regards