audi4t

I will soon be receiving both a UK Government pension and an employer pension from the UK.

My question is - does the UK Government direct deposit the pension to my bank account here in the US or do they use wire transfer?

My US bank says that for direct deposits, all that the pension payer needs to use is my regular bank routing number and bank account number.

However, if it's a wire transfer then the payers will need to use a SWIFT Bank Identification Code (BIC).

TIA

Kevin

Nutmegger

UK government pension is direct deposit in dollars, so there is no fee from the bank at this end.

audi4t

Nutmegger - thanks for quick reply

I'm deep in the shoreline of Madison, Ct

Nutmegger

That made me laugh! Hello, fellow Nutmeg stater!

TerryVA

But there is a £2.74/pmt fee at the UK end, from XAfinity.

MMcD

That's absolutely correct

What's an XAfinity?
On the other hand...who cares? It has NOTHING to do with the OPs question.
How can I be so certain?
Because a direct deposit (for UK Govt. pension) is made monthly to my US chequing accnt. There is absolutely no fee here, there or anywhere. There's no "middleman" involved.
Never.
Ever.
And the conversion rate given is practically the spot rate. (rare instance of Govt. doing something right )

TerryVA

My UK Govt pension is payed by XAfinity.
They're a middleman.

MMcD

But a "middleman" is unnecessary
(Or am I missing something?)
All you need is a form (called INTERNATIONAL PENSIONS DIRECT PAYMENT) supplied by The Pension Service.
You fill in the routing number of your bank, your account number, whether it's a chequing or savings account and whether you wish to be paid every 4 or every 13 weeks.
They will do a direct deposit which shows up in your account - like clockwork - on time, everytime - never a delay.

TerryVA

"Pensions paid for former service to the UK Government are known as Government Service Pensions. Pensions paid for former employment with the H M Forces, Civil Service and Foreign and Commonwealth Office are all regarded as Government Service Pensions."

http://www.hmrc.gov.uk/cnr/uk_gov_pensions.htm

You're talking about the State Pension.

MMcD

oh....You're absolutely right...I was!
But having earned your pension thru years of faithful, diligent service to Her Majestys Government - are you now "penalized" by having to enlist the services of a "Middleman".
Seems unfair to you....but hey...what do I know

TerryVA

There may be some confusion over the terminology, and how I interpreted the original question.

The HMRC page that I referenced is titled "UK Government Pensions". To me, UK Govt Pension = UK Govt Service Pension. It may well be that others think of the UK State Pension as a UK Govt pension.

I'm pleased to learn that my State Pension will not use a middleman, and I'll get every penny!

audi4t

I meant State Pension (Social Security) - good to know there are no fees, direct deposit is the preferred method and the exchange rate is competitive.

mamasue

I've been getting my UK pension for over a year now.....and, as Nutmegger says, it goes straight into the US bank account.
No middlemen.... no nothing, just straight into the bank.

dogma1029

My parents live in the States as well as myself. Both are retired and receiving a UK pension. It was curious to me since they have both been in the States for over 25 years and have only retired in the past year.
I guess I'll have to do some digging to see if I am eligible for anything when my time comes.

nun

You will get a UK state pension based on your NI contribution record.