Go Back  British Expats > Living & Moving Abroad > USA
Reload this Page >

UK pension payment in the States

UK pension payment in the States

Old Aug 3rd 2005, 10:29 am
  #1  
Just Joined
Thread Starter
 
Joined: Aug 2005
Posts: 9
chelica2 is an unknown quantity at this point
Default UK pension payment in the States

Dear all,

I wanted to inquire about the ways I can receive pension once I retire in Hawaii. I heard I could get the pension paid directly into my local bank account in the US(once opened).
Could anyone tell me if there is any charge (payment fee) associated with the convenience of direct transfer and what the exchange rate might be.

Thanks!
chelica2 is offline  
Old Aug 3rd 2005, 11:01 am
  #2  
Ray
 
Ray's Avatar
 
Joined: Mar 2003
Posts: 68,280
Ray has a reputation beyond reputeRay has a reputation beyond reputeRay has a reputation beyond reputeRay has a reputation beyond reputeRay has a reputation beyond reputeRay has a reputation beyond reputeRay has a reputation beyond reputeRay has a reputation beyond reputeRay has a reputation beyond reputeRay has a reputation beyond reputeRay has a reputation beyond repute
Default Re: UK pension payment in the States

Perhaps you had better decide where you are retiring to first
France or Italy are your other two choices ...
The US is not available to most for retiring ...
Ray is offline  
Old Aug 3rd 2005, 11:19 am
  #3  
Just Joined
Thread Starter
 
Joined: Aug 2005
Posts: 9
chelica2 is an unknown quantity at this point
Default Re: UK pension payment in the States

Originally Posted by Ray
Perhaps you had better decide where you are retiring to first
France or Italy are your other two choices ...
The US is not available to most for retiring ...

Ray, you are right.I haven't decided yet because have ties in all those countries.
Would you please share your US experience when it comes to pension payments.

Thanks!
chelica2 is offline  
Old Aug 3rd 2005, 12:19 pm
  #4  
Lost in BE Cyberspace
 
Duncan Roberts's Avatar
 
Joined: Oct 2003
Location: Avon Lake, OH
Posts: 5,270
Duncan Roberts has a reputation beyond reputeDuncan Roberts has a reputation beyond reputeDuncan Roberts has a reputation beyond reputeDuncan Roberts has a reputation beyond reputeDuncan Roberts has a reputation beyond reputeDuncan Roberts has a reputation beyond reputeDuncan Roberts has a reputation beyond reputeDuncan Roberts has a reputation beyond reputeDuncan Roberts has a reputation beyond reputeDuncan Roberts has a reputation beyond reputeDuncan Roberts has a reputation beyond repute
Default Re: UK pension payment in the States

When I moved here my pension guy said that it was almost impossible to transfer a UK private pension into a US one but any UK pension can be paid to you regardless of where you live. He did say there would be fees but apparently they change a lot, why don't you go right to the source and ask? I'm sure the government and any other pension provider has some kind of brochure on what to do when you don't live in the UK when you retire.
Duncan Roberts is offline  
Old Aug 3rd 2005, 12:24 pm
  #5  
Just Joined
Thread Starter
 
Joined: Aug 2005
Posts: 9
chelica2 is an unknown quantity at this point
Default Re: UK pension payment in the States

Originally Posted by Duncan Roberts
When I moved here my pension guy said that it was almost impossible to transfer a UK private pension into a US one but any UK pension can be paid to you regardless of where you live. He did say there would be fees but apparently they change a lot, why don't you go right to the source and ask? I'm sure the government and any other pension provider has some kind of brochure on what to do when you don't live in the UK when you retire.

Duncun,

thanks for your reply. I have already inquired with DWP, however they can't (or won't) tell you the implied exchage rate, except that they are 'competitive'. I was wondering if a person who receives UK state pension can shed some light.

Dejan
chelica2 is offline  
Old Aug 3rd 2005, 12:25 pm
  #6  
Ray
 
Ray's Avatar
 
Joined: Mar 2003
Posts: 68,280
Ray has a reputation beyond reputeRay has a reputation beyond reputeRay has a reputation beyond reputeRay has a reputation beyond reputeRay has a reputation beyond reputeRay has a reputation beyond reputeRay has a reputation beyond reputeRay has a reputation beyond reputeRay has a reputation beyond reputeRay has a reputation beyond reputeRay has a reputation beyond repute
Default Re: UK pension payment in the States

Or do what others do ... have it paid into your bank in the UK ..and twice a year transfer it too any country you wish ..
If you need the income on a weekly/monthly basis ..forget moving abroad...
you cannot afford it ....
Ray is offline  
Old Aug 3rd 2005, 12:33 pm
  #7  
Just Joined
Thread Starter
 
Joined: Aug 2005
Posts: 9
chelica2 is an unknown quantity at this point
Default Re: UK pension payment in the States

Originally Posted by Ray
Or do what others do ... have it paid into your bank in the UK ..and twice a year transfer it too any country you wish ..
If you need the income on a weekly/monthly basis ..forget moving abroad...
you cannot afford it ....

Thanks, Ray!
chelica2 is offline  
Old Aug 3rd 2005, 12:45 pm
  #8  
BE Forum Addict
 
tony126's Avatar
 
Joined: Nov 2004
Location: SC
Posts: 4,153
tony126 has a reputation beyond reputetony126 has a reputation beyond reputetony126 has a reputation beyond reputetony126 has a reputation beyond reputetony126 has a reputation beyond reputetony126 has a reputation beyond reputetony126 has a reputation beyond reputetony126 has a reputation beyond reputetony126 has a reputation beyond reputetony126 has a reputation beyond reputetony126 has a reputation beyond repute
Default Re: UK pension payment in the States

I recieve my AOP here direct into my USA bank. There are no fees as there is a reciprocal agreement with the UK. The exchange is based on the international exchange rate and not the tourist rate. I had my pension paid in yesterday and I got $1.7677 to the pound which is within a cent of the international rate. The reason why they cannot give you the rate is because it is constantly changing by the minute and you get the rate applicable to when the transaction is made. It is paid every 4 weeks as regular as clock work with them working a month in hand.
tony126 is offline  
Old Aug 3rd 2005, 12:49 pm
  #9  
Just Joined
Thread Starter
 
Joined: Aug 2005
Posts: 9
chelica2 is an unknown quantity at this point
Default Re: UK pension payment in the States

Originally Posted by tony126
I recieve my AOP here direct into my USA bank. There are no fees as there is a reciprocal agreement with the UK. The exchange is based on the international exchange rate and not the tourist rate. I had my pension paid in yesterday and I got $1.7677 to the pound which is within a cent of the international rate. The reason why they cannot give you the rate is because it is constantly changing by the minute and you get the rate applicable to when the transaction is made. It is paid every 4 weeks as regular as clock work with them working a month in hand.

Tony,

you are the man. That's exactly the kind of info I was looking for.

Thanks!
chelica2 is offline  
Old Aug 3rd 2005, 12:56 pm
  #10  
The Unmod
 
paddingtongreen's Avatar
 
Joined: Jul 2005
Location: Glen Mills, PA
Posts: 8,870
paddingtongreen has a reputation beyond reputepaddingtongreen has a reputation beyond reputepaddingtongreen has a reputation beyond reputepaddingtongreen has a reputation beyond reputepaddingtongreen has a reputation beyond reputepaddingtongreen has a reputation beyond reputepaddingtongreen has a reputation beyond reputepaddingtongreen has a reputation beyond reputepaddingtongreen has a reputation beyond reputepaddingtongreen has a reputation beyond reputepaddingtongreen has a reputation beyond repute
Default Re: UK pension payment in the States

Originally Posted by chelica2
Dear all,

I wanted to inquire about the ways I can receive pension once I retire in Hawaii. I heard I could get the pension paid directly into my local bank account in the US(once opened).
Could anyone tell me if there is any charge (payment fee) associated with the convenience of direct transfer and what the exchange rate might be.

Thanks!
Hi Chelica2,

The UK people will direct deposit into your American bank account in dollars or sterling, but they advise dollars because they exchange so much loot that their rates are lower than your bank. There is no fee involved in mine.

The thing is that the dollar amount varies because of the fluctuations in relative value. Since the dollar slumped, my UK pension , in dollars has increased by about 5o%. So if you were to start your pension today, you would need to live on perhaps 70% of it because it will reduce when the dollar strengthens.
paddingtongreen is offline  
Old Aug 3rd 2005, 1:02 pm
  #11  
Just Joined
Thread Starter
 
Joined: Aug 2005
Posts: 9
chelica2 is an unknown quantity at this point
Default Re: UK pension payment in the States

Originally Posted by paddingtongreen
Hi Chelica2,

The UK people will direct deposit into your American bank account in dollars or sterling, but they advise dollars because they exchange so much loot that their rates are lower than your bank. There is no fee involved in mine.

The thing is that the dollar amount varies because of the fluctuations in relative value. Since the dollar slumped, my UK pension , in dollars has increased by about 5o%. So if you were to start your pension today, you would need to live on perhaps 70% of it because it will reduce when the dollar strengthens.

Thanks, Paddingtongreen!

By direct deposit in sterling, you meant opening a sterling account in US?
chelica2 is offline  
Old Aug 3rd 2005, 1:09 pm
  #12  
@matthewb76
 
Manc's Avatar
 
Joined: Jul 2003
Location: Missouri
Posts: 21,886
Manc has a reputation beyond reputeManc has a reputation beyond reputeManc has a reputation beyond reputeManc has a reputation beyond reputeManc has a reputation beyond reputeManc has a reputation beyond reputeManc has a reputation beyond reputeManc has a reputation beyond reputeManc has a reputation beyond reputeManc has a reputation beyond reputeManc has a reputation beyond repute
Default Re: UK pension payment in the States

are we talking state or private pension here?
Manc is offline  
Old Aug 3rd 2005, 1:15 pm
  #13  
Just Joined
Thread Starter
 
Joined: Aug 2005
Posts: 9
chelica2 is an unknown quantity at this point
Default Re: UK pension payment in the States

Originally Posted by Manc
are we talking state or private pension here?

UK state!
chelica2 is offline  
Old Aug 3rd 2005, 1:15 pm
  #14  
BE Forum Addict
 
tony126's Avatar
 
Joined: Nov 2004
Location: SC
Posts: 4,153
tony126 has a reputation beyond reputetony126 has a reputation beyond reputetony126 has a reputation beyond reputetony126 has a reputation beyond reputetony126 has a reputation beyond reputetony126 has a reputation beyond reputetony126 has a reputation beyond reputetony126 has a reputation beyond reputetony126 has a reputation beyond reputetony126 has a reputation beyond reputetony126 has a reputation beyond repute
Default Re: UK pension payment in the States

Originally Posted by Manc
are we talking state or private pension here?
State pension. Private pension has to be done in the manner Ray explained in an earlier post. Leave it in your UK Bank and transfer it twice/year if you can live without it. I tend to use my UK account for holidays etc and the interest rate you get there is much much better than here as you know.
tony126 is offline  
Old Aug 3rd 2005, 3:47 pm
  #15  
 
meauxna's Avatar
 
Joined: Apr 2002
Posts: 35,082
meauxna has a reputation beyond reputemeauxna has a reputation beyond reputemeauxna has a reputation beyond reputemeauxna has a reputation beyond reputemeauxna has a reputation beyond reputemeauxna has a reputation beyond reputemeauxna has a reputation beyond reputemeauxna has a reputation beyond reputemeauxna has a reputation beyond reputemeauxna has a reputation beyond reputemeauxna has a reputation beyond repute
Default Re: UK pension payment in the States

Originally Posted by tony126
State pension. Private pension has to be done in the manner Ray explained in an earlier post. Leave it in your UK Bank and transfer it twice/year if you can live without it. I tend to use my UK account for holidays etc and the interest rate you get there is much much better than here as you know.
I know I'm fuzzy on the state/private distinctions for the UK; my spouse was a fireman so I think of it as a governmental pension, but may count as private.

He arranges with the Pension Fund Authority to have his monthly drop deposited in our local account in whichever country we're in. The amount is fixed in GBP and we get whatever the exchange rate is doing for us on the first of the month. Funds take about 5 days to clear and there are no fees obviously attached to it other than the exchange rate.
meauxna is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information

Copyright © 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.