Frozen in time: British expats losing out on pensions in Thailand

[simon43]

3 minutes ago, Mike Teavee said:

Everybody's circumstances are different but I topped up my NI contributions at Class 2 rates (Working Overseas) & the "Payback" is something like 7 months, so assuming I live to 68 I'll be quids in - IIRC Payback at Class 3 rates is something like 7.5 years, still not a bad deal. 

Same here - I was able to top up my NI at the cheap Class 2 rates whilst working in south-east Asia - definitely worthwhile to do.

[Mike Teavee]

4 minutes ago, simon43 said:

From what I understand, if you stay in the Philippines for more than 180 days, (with bank account, visa etc to demonstrate your residence in the country), then you can move back to Thailand after 180 days and you will continue to receive that increased pension.

 

Rinse and repeat every 180 days - but I imagine most cannot flit between Thailand and the Philippines every 180 days....

Technically I don't think that's correct based on the fact that if you were to move to the UK for 180 days and then moved back to Thailand your SP would be reduced back to what it was frozen at before - However, practically I doubt they're able to pick up on this.  

[jayboy]

31 minutes ago, simon43 said:

Nice detached studio house, garden, own car, private medical insurance, healthy food etc.  It is costing me about 20,000 baht per month

 

On the face of it unbelievable.Perhaps you would break it down.

[Bday Prang]

17 minutes ago, proton said:

Things are getting more connected up as time goes on.

Things are getting more f+ck%d up as time goes on. I don't know where it all went wrong but I have a bad feeling about  where this is all heading. To the extent that , if l were to consider life to be a book, I am happier that I am halfway through the last chapter. as opposed to just starting the first

[simon43]

6 minutes ago, jayboy said:

 

On the face of it unbelievable.Perhaps you would break it down.

- detached studio little house next to a mountain stream - 9,000 baht/month

- car (old but reliable), 1,000 baht/month petrol

- $1m medical insurance - 5,700 baht/month

- Food/drink - 5,000 baht/month

 

20,700 baht/month.  Obviously throw in extras like loo paper etc, but I'm still well-short of my (estimated) 35,000 baht UK state pension.

 

If the PI doesn't appeal, there are other warm climates where the UK pension is linked, such as Mauritius (where I lived for 6 months after Covid).  Nice place, nice beaches.

[JonnyF]

9 minutes ago, Mike Teavee said:

Everybody's circumstances are different but I topped up my NI contributions at Class 2 rates (Working Overseas) & the "Payback" is something like 7 months, so assuming I live to 68 I'll be quids in - IIRC Payback at Class 3 rates is something like 7.5 years, still not a bad deal. 

 

True, it does depend on circumstance. My issue is.

 

1. 68 is quite a long way off for me, no guarantee I live that long.

2. I am not married to my long term Thai partner so when I die she won't get anything if it's in a UK pension, but she will get my private investments. 

3. By the time I am 68 will the age still be 68 or will they move the goalposts again? 

4. What if I need/want the money before I am 68? 

 

I guess I just have a fundamental distrust of the British government. Look at what Labour were saying 2 years about the fuel allowance and school fees. A total reversal. I just don't trust them with my money.

[newnative]

       They could have picked a better example than the first guy, David.  He only just arrived in Thailand this year--so his pension has hardly even been frozen yet.   He knows going in his pension will not increase year after year if he chooses to live here.  It's his decision.  I do agree it's not fair to have some countries frozen and others not--that makes no sense at all.  Either do all countries or none.  

[edwinchester]

I planned my retirement in Thailand in 2003 and was fully aware of the frozen pensions issue. It's unfair but to move to a foreign country without understanding the financial implications is not a wise thing to do.

[renaissanc]

I can see that if you're single or married to a Thai, 35-38,000 Baht per month means you have to be frugal. If the pension stays the same for the next 10, 15, or 20+ years, then the situation for British pensions will become dire, especially if Thai Immigration changes the rules about how much money you must have. You have my sympathy, gentlemen!

[Bday Prang]

16 minutes ago, khunpin said:

Funny! 55555 😂 😂 🤣 

They're complaining on a high level. 🤦🏼‍♂️

I'm sure that their pension is higher than mine. And I NOT have any assets somewhere! 

 

My pension will not increase as well. 

Did I ever complain in public? 🤔 

Did I ever try to make it to the headlines? 🤔 

Did I ever try to attract attention? 🤔 

NO! NO! NO! 

Hopefully they can't make it here in Thailand! 

That would mean:

Three less. Bye bye ... 👋555ๆ

 

(Oh,by the way: I will NOT follow this topic. You can write your comments as it suits you. They'll not get through to me anyway.) 

Have you been drinking?    or are you just "special"

[patman30]

pretty sure 65k/month or 800k/year is plenty enough to get by on here
if they do not have that, they would not be here legally
no point complaining here about things decided in the UK.

[Bday Prang]

5 minutes ago, newnative said:

       They could have picked a better example than the first guy, David.  He only just arrived in Thailand this year--so his pension has hardly even been frozen yet.   He knows going in his pension will not increase year after year if he chooses to live here.  It's his decision.  I do agree it's not fair to have some countries frozen and others not--that makes no sense at all.  Either do all countries or none.  

He has already made the first basic mistake, ie opening his big mouth

[Bday Prang]

Regardless of the rights and wrongs I see no chance of things changing for the better.     this already well established  "two tier "system can  only to be expected to continue under Starmer

[mattyc1957]

4 hours ago, theblether said:

 

Better illegal immigrants that contribute  than sour faced pensioners that want to live abroad and slate the UK every day. 

 

Plenty of them. Just come home. 

You mean the sour-faced pensioners that worked and paid taxes for 40-50 years and want it a bit easy as they get near the end of the ride? How unreasonable they are!! 🙄

[Chongalulu]

4 hours ago, spermwhale said:

"After 40 gruelling years as an electronics buyer"... who writes this stuff? 

Also: This isn't true: But his dream retirement turned into a financial nightmare when he discovered his UK state pension had been frozen.

He didn't have his pension frozen. He just doesn't get cost-of-living increases. Big difference. he still gets his money, so I'm not sure how that is a "financial nightmare." 

Do some maths on the effect of inflation and the severely reduced spending power having your pension frozen in time say over 10 _. 20  years. And then consider why having contributed equally they should be discriminated against particularly when they will not be burdening the NHS with costs. 

But I expect maths isn't really your forte...

[Bday Prang]

I have a small private pension due to me when I reach 65,  I receive a statement/ projection annually there is also normally a form attached which can be used to inform them who will be the beneficiary of any benefits due if I die before 65.

 I recently filled it out naming my missis as the sole beneficiary of any such benefits

Their reply astonished me , apparently I cannot rely on the  nomination of my misses to be honoured . It is not my place to make such "demands", the decision rests with the pension funds trustees. How messed up is that?

Next move when i eventually return to the UK is to cash it it in , take the money and run seems to now be the best option    

[PJ71]

5 hours ago, BMW Overlander said:

 

😂

Nothing to do with the thread but you look like you have lovely hair....

[Tidal wave]

When they give you any increase of course if it takes you above £12,571 pa 20% of it will immediately be gone on tax so next years rise if you do happen to get full pension it will be approx. £6.92 pw or near to zero because Keir and Rachel have already mugged you of your winter fuel allowance. So next Aprils rise is near worthless anyway .

[renaissanc]

I can see that if you're used to the UK and you're single or married to a Thai, 35-38,000 Baht per month may be challenging financially. If the pension stays the same for the next 10, 15, or 20+ years, then the situation for British pensions will become dire, especially if Thai Immigration changes the rules about how much money you must have.

BUT, having said that, my Thai wife and I look after 26 rescued cats and we never go hungry, and we spend 10-11,000 Baht per month at the most. We grow some vegetables, we don't live in a city, we have a pickup truck, we don't pay rent, we don't drink alcohol or eat western food, or go out to restaurants or go for teeows (we can't anyway because we have to feed the cats twice a day). The cats live very well on mackerel & rice, dried food, and cat kanom. In short, if you adapt your life, you can manage living here on a state pension.

[arick]

Just go home for a couple of weeks or a month. Back to the UK

[arick]

I remember getting a flight to London 30 some years ago and the old lady from New York was on there and she said she was going back to London to cash and get her pension from the post office and then return back to New York.

[arick]

At the moment it's taking 3 months over 3 months just to get a reply back from you UK pensions (online forms) and then you have to wait another month for them to post you the letter

[Bday Prang]

it won't be an issue for future generations as they will be "happily" confined within their "15 minute village" Pensions will be a thing of the past. as will unrestricted travel  and a whole host of other freedoms we take for granted

[IvorBiggun2]

5 hours ago, Gknrd said:

That is been going on for ever, why retire there if you loose?  Best to make it seem like you live in the UK I would think. Surely there are ways around it.

 

Yes there are ways around it but that would be illegal to undertake. The choice is yours.

[FruitPudding]

4 hours ago, theblether said:

 

It's long been my opinion this is the preferable way of life for British pensioners. Summer in the UK, winter in Thailand.

 

I agree.

 

4 hours ago, theblether said:

 

Maintain your pension rights, access the NHS, etc 

 

If you have paid in, I don't think they should cut you off if you choose to go abroad. 

 

4 hours ago, theblether said:

 

Get the best of all worlds. Why not? 

 

It would be nice to have the choice, not being cut off.

[Nickcage49]

That's f'd up. You shouldn't tell them you live in Thailand.

[proton]

14 minutes ago, IvorBiggun2 said:

 

Yes there are ways around it but that would be illegal to undertake. The choice is yours.

 

People arriving in boats at Dover with no documents are illegal, look what happens to them 

[BuddyPish]

Boo hoo . . .
Those men should have done their due diligence instead because this anomaly is as old as time.

 

That being said, how does not receiving GBP490.00 a year turn one's retirement from comfortable into a "nightmare"?

Maybe he should have just stayed at home.

Retirement in Southeast Asia isn't for cheap Charlies any more.

 

[mstevens]

5 hours ago, MCos said:

I sympathize with these people, but at least they get something 

For Kiwis one must be resident in NZ to get anything 

 

Not true at all. New Zealanders who live abroad can apply for the pension and it will be paid in to their overseas bank account. They simply need to meet the requirements to qualify for the pension (which are the same as if they were living in NZ).

[BuddyPish]

4 minutes ago, proton said:

 

People arriving in boats at Dover with no documents are illegal, look what happens to them 

 

They're eventually processed and, if denied asylum, they're deported