UK Pensions and related info

[Tanoshi]

2 minutes ago, transam said:

Perhaps, but I have sorted 5 private pensions for folk, every one sent a form to fill in with the Thai bank details, there were no problems. 

Of course you can have any Pension sent directly to a bank of your choice, but at what cost.

 

I have 2 private Pension providers.

One is a member of the bahtnet scheme, so can transfer as mentioned above (Bahtnet).

The other is not a member but can transfer from their bank, but the fee is deducted from the Pension payment. In that situation it better to have it paid into your UK account then transfer with TW, which is far cheaper.

 

The other thing to consider is if using the income method, how will this be coded by your bank and will your Immigration office understand that a 'Bahtnet' payment is an International transfer.

If not, you'll need to obtain an 'FET' (Foreign Exchange Transfer) form from BOT as proof of an overseas transfer, which is more hassle.

 

Others of course maintain a UK address and still receive their annual Pension increases.

Transferring direct to a Thai bank is a dead give away, so certainly not recommended.

[transam]

1 hour ago, Tanoshi said:

Of course you can have any Pension sent directly to a bank of your choice, but at what cost.

 

I have 2 private Pension providers.

One is a member of the bahtnet scheme, so can transfer as mentioned above (Bahtnet).

The other is not a member but can transfer from their bank, but the fee is deducted from the Pension payment. In that situation it better to have it paid into your UK account then transfer with TW, which is far cheaper.

 

The other thing to consider is if using the income method, how will this be coded by your bank and will your Immigration office understand that a 'Bahtnet' payment is an International transfer.

If not, you'll need to obtain an 'FET' (Foreign Exchange Transfer) form from BOT as proof of an overseas transfer, which is more hassle.

 

Others of course maintain a UK address and still receive their annual Pension increases.

Transferring direct to a Thai bank is a dead give away, so certainly not recommended.

No idea about private pension fees, but those where I sorted stuff the blokes are all...????

 

State pension, there are no fees. Plus, reduced risk of "lost" payment using direct payment from source.

My ex UK wife's bank job was looking for lost payments..It was a very stressful job...........????

[dabhand]

On 6/19/2020 at 7:21 AM, transam said:

No idea about private pension fees, but those where I sorted stuff the blokes are all...????

 

State pension, there are no fees. Plus, reduced risk of "lost" payment using direct payment from source.

My ex UK wife's bank job was looking for lost payments..It was a very stressful job...........????

Direct payment seems the ideal way forward, particularly if no yearly income immigration requirement.

 

Your 'lost payment' comment struck home with me as I had an issue recently with a UK bank making a transfer to TW to fund a transfer to my Thai bank account. The funds (over £1k) never reached TW and were 'lost in the system' for 10 days due to a technical issue with the faster payments system.

 

I had to directly liaise with the UK bank and TW as both were denying any responsibility. As it turned out it was the UK bank, not TW, who needed to get it sorted and, eventually, they did. But, yes, stressful, mainly on the customer. Did get some compo but some of that was spent on lengthy phone calls to the UK, most time being kept on hold due to fewer staff numbers. Not impressed by the UK bank at all..........

[izod10]

On 6/19/2020 at 5:34 AM, Tanoshi said:

Of course you can have any Pension sent directly to a bank of your choice, but at what cost.

 

I have 2 private Pension providers.

One is a member of the bahtnet scheme, so can transfer as mentioned above (Bahtnet).

The other is not a member but can transfer from their bank, but the fee is deducted from the Pension payment. In that situation it better to have it paid into your UK account then transfer with TW, which is far cheaper.

 

The other thing to consider is if using the income method, how will this be coded by your bank and will your Immigration office understand that a 'Bahtnet' payment is an International transfer.

If not, you'll need to obtain an 'FET' (Foreign Exchange Transfer) form from BOT as proof of an overseas transfer, which is more hassle.

 

Others of course maintain a UK address and still receive their annual Pension increases.

Transferring direct to a Thai bank is a dead give away, so certainly not recommended.

I think not,there are a host of reasons given why you require a transfer     family /friends etc.

 

Transferwise,can make any amount of transfers,drip feed if £ is low,hoping it improves,once topped up by £50 to make up to 65k baht monthly income,just before deadline

  This month I topped up when £ stood at close on 41.4 for a few hours earlier in month now, down to measly 38.7 almost,but .4/.5 higher than last weekend,could go down to 36 again if Brexit talks go badly

 

Fastest transfer 3 seconds,but can take 6 hours lately too,Transferwise will give you the extra .whatever if £ goes up in that time,sometimes cancel fees

 

Immigration will look at bank statement letter provided by bank,segment it into 12 month sections  month by month,looking for 65K monthly income

[xylophone]

On 6/19/2020 at 1:21 PM, transam said:

State pension, there are no fees. Plus, reduced risk of "lost" payment using direct payment from source.

That was one of the reasons I decided to get my part UK pension paid directly to my Bangkok bank account here in Phuket – – being comforted by the fact that the UK pension folk were transferring directly to a bank here in Thailand, rather than involving a third-party.

 

I had considered Transferwise and a few other options when I was relying on the monthly pension payments process to get my "retirement" visa, but because I then had to top this up and my NZ bank would not entertain monthly direct credits, I gave it up as a bad job (too complicated) and brought over the full 800 K needed.

 

I have been very happy with the service the UK pension folk have provided because all it needed was a phone call to change my bank details, and they have implemented it already........no filling in forms forms and posting them, basically a phone call to the applicable department and it was done. At least I hope it has been done, although I have been assured this is the case!!

 

Apparently because of the current crisis, they had decided upon this "fast one-time process", so if it does work, then I am very happy.

[evadgib]

APPG for Frozen British Pensions launches inquiry

 

[evadgib]

DWP improves complaints handling

[bert bloggs]

22 hours ago, evadgib said:

APPG for Frozen British Pensions launches inquiry

 

The British govt are so deep in debt getting our pensiones upgraded would be a drop in the ocean ,a drop we have very little chance of getting i fear .

[evadgib]

2 hours ago, bert bloggs said:

The British govt are so deep in debt getting our pensiones upgraded would be a drop in the ocean ,a drop we have very little chance of getting i fear .

I doubt if we'll see it during this Govt after Sunak's spending spree either but they'll have some explaining to do if the EU lot (Brits living there) continue to receive annual increases after all ties are finally severed.

[bert bloggs]

1 hour ago, evadgib said:

I doubt if we'll see it during this Govt after Sunak's spending spree either but they'll have some explaining to do if the EU lot (Brits living there) continue to receive annual increases after all ties are finally severed.

wh? they have arrangements with other countrys ,they will say we just dont with Thailand.

[steve187]

19 minutes ago, bert bloggs said:

wh? they have arrangements with other countrys ,they will say we just dont with Thailand.

no arrangements with EU countries, other than when we were in it.

[evadgib]

1 hour ago, bert bloggs said:

wh? they have arrangements with other countrys ,they will say we just dont with Thailand.

The problem effects 5.5M claimants worldwide Inc the relatively few living in LoS, many of whom haven't bothered joining the consortium yet are often the loudest when moaning about it.

[billzant]

On 7/10/2020 at 11:08 AM, evadgib said:

APPG for Frozen British Pensions launches inquiry

 

This inquiry is asking for people to make submissions asking about 

 

• When did you leave the UK and for what reason?
• Before you left the UK, were you notified by the Department for Work and Pensions (or the equivalent Government department at the time) that your pension would be frozen?
• Were you aware that your pension would be frozen before you left the UK?
• Could you briefly outline your working life in the UK?
• How many years did you make National Insurance pension contributions?
• What is the current level of your UK state pension?
• Do you currently receive any additional financial support from the country you live in?
  
  Sending an email with this info might help.
  
  APPG is parliament. If any change is going to come it is through parliament affecting the uprating law  Frozen pension organisations try to affect this APPG. Completing this inquiry gives you the same access.

[evadgib]

Presumably of interest to this board:

Quote

People managing their loved ones’ affairs will find it easier to safeguard their finances and wellbeing after a new online service is launched today (17 July 2020).

New online service to improve Lasting Power of Attorney

 

Quote

On 16 July 2020, the Chief Secretary to the Treasury provided an update to Parliament on public service pensions.

Public service pensions update: a GAD technical bulletin

[evadgib]

Of interest to public sector pension recipients:

 

Quote

The pay awards for the armed forces, prison officers, senior civil servants and NHS staff work will be backdated to April this year, whereas the pay rise for police and teachers starts in September which run on a different pay year (September-August).

A breakdown of the awards in full can be found below:

Department	Agreed award
School Teachers	3.1%
Doctors & Dentists	2.8%
Police Officers	2.5%
Armed Forces	2%
National Crime Agency	2.5%
Prison Officers	2.5%
Judiciary	2%
Senior Civil Servants	2%
Senior Military	2%

Pay rises for doctors, police and more in the public sector

[bert bloggs]

On 7/11/2020 at 3:18 PM, evadgib said:

The problem effects 5.5M claimants worldwide Inc the relatively few living in LoS, many of whom haven't bothered joining the consortium yet are often the loudest when moaning about it.

maybe they have not joined because they have not told the pension service that they live here.?

[evadgib]

2 minutes ago, bert bloggs said:

maybe they have not joined because they have not told the pension service that they live here.?

Thanks, it was a typo and should have read just over half a million worldwide including a few thousand in LoS. Good luck to them either way.

[maxcorrigan]

2 hours ago, evadgib said:

Thanks, it was a typo and should have read just over half a million worldwide including a few thousand in LoS. Good luck to them either way.

I have never heard of the consortium what is it and how do you join? TIA

[evadgib]

22 minutes ago, maxcorrigan said:

I have never heard of the consortium what is it and how do you join? TIA

Fully explained in this link:

THE INTERNATIONAL CONSORTIUM OF BRITISH PENSIONERS

HTH

 

 

[maxcorrigan]

18 hours ago, evadgib said:

Fully explained in this link:

THE INTERNATIONAL CONSORTIUM OF BRITISH PENSIONERS

HTH

 

 

Thank you evadgib for that info very informative, seems they all agree frozen pensions are unlawful yet do nothing about it, would you know how much we lose in Thailand, also i have been trying to find out (without success) if frozen pension are taken into account for UK tax purposes, sorry to bend your ear like but you seem to know what you are talking about unlike some others on this topic, thanks again!

[evadgib]

From CABP received today:

Quote

View online version

Dear Evadgib, The All Party Parliamentary group have opened an enquiry into frozen pensions and I ask you all to complete the confidential survey in the attached link.  Please find the final questions at https://www.surveymonkey.co.uk/r/289H86P The information that the APPG will receive will  assist in collecting data on the demographic and experience of people impacted by this policy. If you would prefer to submit a response to the APPG by email using the questions on the APPG announcement document you are more than welcome. However, it would be hugely beneficial for the inquiry if we could get as many people living on a ‘frozen’ pension as possible to submit a response to the survey as well.   Thanks

Chairman Canadian Alliance of British Pensioners

 

 

[maxcorrigan]

13 minutes ago, evadgib said:

From CABP received today:

 

OK Survey Taken!

[evadgib]

Dear ICBP Supporter,
 
In my message a few days ago I said we were expecting some new publicity.  The Guardian Newspaper printed this today - https://www.theguardian.com/money/2020/jul/25/frozen-pensions-windrush-generation-retirees-living-abroad 

As a few people had difficulty with the survey link, if you have difficulty with the link above - click here

In case any of you had difficulty opening the survey but didn't contact me, click here

If you haven't responded yet to the APPG or completed the survey, please do so.

John J Duffy - Chairman, ICBP

 

This pinned topic is pointless if new threads continue appearing elsewhere.

[sandyf]

On 7/22/2020 at 8:47 AM, maxcorrigan said:

Thank you evadgib for that info very informative, seems they all agree frozen pensions are unlawful yet do nothing about it, would you know how much we lose in Thailand, also i have been trying to find out (without success) if frozen pension are taken into account for UK tax purposes, sorry to bend your ear like but you seem to know what you are talking about unlike some others on this topic, thanks again!

I don't know about others but every year my tax gets raised on the basis that I get the increase. I don't bother saying anything and every year just claim it back, like money in the bank.

How much you lose is dependent on what your pension is frozen at against the current rate. For me the difference is now approximately £27/week.

You have to compare like for like, in other words the same scheme, current basic pension under the old scheme is £134.25/wk.

[theoldgit]

57 minutes ago, sandyf said:

I don't know about others but every year my tax gets raised on the basis that I get the increase. I don't bother saying anything and every year just claim it back, like money in the bank.

 

That happened to me once, I dropped them a line and it's been correct ever since.

[sandyf]

9 minutes ago, theoldgit said:

 

That happened to me once, I dropped them a line and it's been correct ever since.

Quite but I am not bothered, only takes about 15 minutes to to the online return and I have a spreadsheet to crosscheck the payments anyway. Quite nice to get that couple of hundred pound every May. Didn't get as much last year as I got 14 pension payments, something that only happens every 21 years.

[Old Dissenter]

Please be aware that submissions to the All Party Parliamentary Group for Frozen Pensions have to be made by 15 August 2020. There is growing sympathy among MPs so a large number of  submissions will help bring about change. Email: [email protected]

[maxcorrigan]

5 hours ago, theoldgit said:

 

That happened to me once, I dropped them a line and it's been correct ever since.

You mean you sent an email or something, i have have looked on the Gateway site and can see no option to send a Message/Enquiry i can see the messages option but no way to send, unless i am missing the very obvious of course!

[sandyf]

On 7/12/2020 at 3:33 AM, billzant said:

APPG is parliament. If any change is going to come it is through parliament affecting the uprating law  Frozen pension organisations try to affect this APPG. Completing this inquiry gives you the same access.

The legislation that covers the uprating of pensions is embedded in the Social Security Act which comes before parliament every year. The fundamental problem is that the government controls the business of the house and they only allow time to debate items that they propose to change. Previous attempts to bring this issue up have never seen the light of day and every chance the APPG could end up the same way. I think last year they allowed 3 days to deal with the Social Security Act and the time was chewed up by Universal Credit debate.

The only way the APPG will make any headway is if they can convince the government to bring it forward for debate.

I have sent an email but not holding my breath.

[theoldgit]

2 hours ago, maxcorrigan said:

You mean you sent an email or something, i have have looked on the Gateway site and can see no option to send a Message/Enquiry i can see the messages option but no way to send, unless i am missing the very obvious of course!

It was a few years ago, I think I sent them an old fashion letter.