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Private pension in the UK

Private pension in the UK

Old Jan 23rd 2018, 6:04 pm
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Default Private pension in the UK

I have lived in the USA for 30 plus years and about to receive a private pension from the UK. I opted for a small lump sum of $20,000 and then a monthly payment of about $200. The company holding the pension are telling me they cannot transfer the monthly payments to a US bank account and only to a UK bank account. I do not have a UK bank account and from what I can see I have to have proof of residency in order to open one.

I am at a loss here as to what I can do.
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Old Jan 23rd 2018, 6:09 pm
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Default Re: Private pension in the UK

Not well versed on the pension front but is there someone you could trust that could have the money deposited to them and transferred to you?

That's me assuming they'll even deposit it into a UK bank account that isn't yours...
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Old Jan 23rd 2018, 6:13 pm
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Default Re: Private pension in the UK

Unfortunately we do not have anyone willing to do that.
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Old Jan 23rd 2018, 6:15 pm
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Default Re: Private pension in the UK

Originally Posted by Halinka View Post
I have lived in the USA for 30 plus years and about to receive a private pension from the UK. I opted for a small lump sum of $20,000 and then a monthly payment of about $200. The company holding the pension are telling me they cannot transfer the monthly payments to a US bank account and only to a UK bank account. I do not have a UK bank account and from what I can see I have to have proof of residency in order to open one.

I am at a loss here as to what I can do.
I have no experience of it but take a look at the Transferwise Borderless Account, which enables you to have UK bank details which may satisfy your pension provider. It also enables you to readily convert the funds to USD.

https://transferwise.com/us/borderle...e=publicNavbar

Last edited by MidAtlantic; Jan 23rd 2018 at 6:31 pm.
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Old Jan 23rd 2018, 6:40 pm
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Default Re: Private pension in the UK

Thank you MidAtlantic and I am taking a look at that.
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Old Jan 24th 2018, 6:56 pm
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Default Re: Private pension in the UK

You may also see with HSBC US (the international branch) if they can open an account in the US and then ask to open an account in the UK.
When we moved from France to the UK, we basically did that even though we had no address in the UK at that time.
And when we moved from the UK to the US we did the exact same thing. And transfers HSBC to HSBC are free, which is a nice bonus.
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Old Jan 24th 2018, 7:45 pm
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Default Re: Private pension in the UK

Thanks Krysalgir,

HSBC in the UK require 65,000 pounds to maintain the account and that we cannot do.
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Old Jan 24th 2018, 7:49 pm
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Default Re: Private pension in the UK

Well that's what they say on paper... We may have well been very lucky when we opened our account in France, they never asked any questions regarding wealth/income when UK and US accounts were open afterwards.
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Old Jan 24th 2018, 7:55 pm
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Default Re: Private pension in the UK

How long ago was that. Lots has changed due to money laundering. I will call the international banking number to see if the requirement is different should we open an account in the USA. You would not think it would be so difficult considering we are still UK citizens.
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Old Jan 24th 2018, 9:37 pm
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Default Re: Private pension in the UK

Maybe a Transferwise Borderless account?

http://britishexpats.com/forum/movin...pening-908347/

https://transferwise.com/gb/borderle...ning-908347%2F
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Old Jan 25th 2018, 1:27 am
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Default Re: Private pension in the UK

I have no idea. Hard to get answers.
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Old Jan 25th 2018, 3:02 pm
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Default Re: Private pension in the UK

I opened both FR and UK account late 2012, US last year (although I can;t remember if they asked for a written job offer now that I think about it)
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Old Feb 15th 2018, 2:59 pm
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Default Re: Private pension in the UK

I believe they can send you a Cheque in GBP which you can take to your bank and deposit and have converted into US dollars.
There are Lloyd's and Barclays banks in the USA that maybe able to help your situation (well in California)
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Old Feb 15th 2018, 3:21 pm
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Default Re: Private pension in the UK

Thanks for your input. Our bank will not accept foreign checks and Barclays have already told us we cannot open an account in the UK.
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