UK State Pension
Did you know that you're still entitled to your UK State Pension from no matter where you live in the world!
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Re: UK State Pension
Well done for sharing this. I did my bit when working in The Middle East to tell others about this, but "There are none so deaf as those who will not hear."
One of the downsides to getting your State Pension when overseas can be that the pension is frozen in certain countries. If you are in Canada, for example or in South Africa, the pension is "frozen" at the level paid on first claim |
Re: UK State Pension
There are too many people who don't know about some of the benefits they have, now that they live abroad.
With pensions being one of, if not the biggest assets we have in order to ensure we are able to live comfortably in retirement. That downside certainly does exist, however I'm sure you'll agree that the difference between having a state pension and not having one would outweigh this, especially considering how minimal the weekly contributions are. There is a lot more needed to be done to ensure we can be financially comfortable in retirement and the State Pension is a very simple, yet effective way to get started. |
Re: UK State Pension
If you don't have a bank account in the UK how can you get your pension paid into a bank where you live overseas.
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Re: UK State Pension
Originally Posted by ex reg
(Post 12869885)
If you don't have a bank account in the UK how can you get your pension paid into a bank where you live overseas.
You'll just need the IBAN and BIC numbers of the overseas account. The pension will then be paid to you in the local currency and exact payment will depend on exchange rates at that time. |
Re: UK State Pension
Originally Posted by ChristopherCB
(Post 12869895)
When you claim your State Pension (assuming you've made enough contributions to be able to receive it), you can choose which country you want your pension to be paid in.
You'll just need the IBAN and BIC numbers of the overseas account. The pension will then be paid to you in the local currency and exact payment will depend on exchange rates at that time. So although my pension is currently paid into my UK bank account I will shortly sell my UK property and close my UK bank account, and not have a UK address. I just have to inform the State Pension people that I will be non resident and give my IBAN and BIC numbers of my overseas account and all will happen automatically. |
Re: UK State Pension
Originally Posted by ex reg
(Post 12870100)
Thanks.
So although my pension is currently paid into my UK bank account I will shortly sell my UK property and close my UK bank account, and not have a UK address. I just have to inform the State Pension people that I will be non resident and give my IBAN and BIC numbers of my overseas account and all will happen automatically. Whereabouts have you decided to move to? |
Re: UK State Pension
Originally Posted by ex reg
(Post 12870100)
Thanks.
So although my pension is currently paid into my UK bank account I will shortly sell my UK property and close my UK bank account, and not have a UK address. I just have to inform the State Pension people that I will be non resident and give my IBAN and BIC numbers of my overseas account and all will happen automatically. |
Re: UK State Pension
Some UK banks close your account if you leave the UK
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Re: UK State Pension
Originally Posted by ChristopherCB
(Post 12870115)
Yes, correct. You’ll just need to contact the International Pension Centre and they should be able to guide you.
Whereabouts have you decided to move to? We own property in both countries but have decided to sell up the UK property and move to Singapore full time. |
Re: UK State Pension
Originally Posted by ex reg
(Post 12870264)
Since retirement we've been splitting our time between UK and Singapore.
We own property in both countries but have decided to sell up the UK property and move to Singapore full time. |
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