UK International State Pension calculation.

[phetphet]

Due to one thing or another, I haven't yet claimed my UK State pension as a retiree living in Thailand.  I am completing the application forms now.

 

I realise that if I backdate to my 66th birthday in 2024, it will be calculated from then, and I would likely get a lump sum back payment minus any tax based on 2024 pension rates, and will never increase while living in Thailand.

I realise that I can also apply for it to kick in from a later date that would increase my payment. Minimum period of nine weeks and multiples of said nine weeks.  I read somewhere that gives about 4%/ nine weeks/year.

 

If I apply for my pension  to start after end of tax year April 2025 would I be eligible for any proposed pension increase in April? Just trying to figure out most advantageous route.

 

On another note. Are there any advantages/disadvantages for either having pension paid into UK bank account vs Thai bank account?

 

TIA

[topt]

4 hours ago, phetphet said:

and I would likely get a lump sum back payment

Nope - not unless originally due 2016 or before

https://www.gov.uk/deferring-state-pension/what-you-get

 

That link also tells you exactly the amounts you would get currently. (based on full entitlement)

 

[safarimike11]

4 hours ago, phetphet said:

Due to one thing or another, I haven't yet claimed my UK State pension as a retiree living in Thailand.  I am completing the application forms now.

 

I realise that if I backdate to my 66th birthday in 2024, it will be calculated from then, and I would likely get a lump sum back payment minus any tax based on 2024 pension rates, and will never increase while living in Thailand.

I realise that I can also apply for it to kick in from a later date that would increase my payment. Minimum period of nine weeks and multiples of said nine weeks.  I read somewhere that gives about 4%/ nine weeks/year.

 

If I apply for my pension  to start after end of tax year April 2025 would I be eligible for any proposed pension increase in April? Just trying to figure out most advantageous route.

 

On another note. Are there any advantages/disadvantages for either having pension paid into UK bank account vs Thai bank account?

 

TIA

I would think that you will get the pension rate from the date of your 66th birthday and not depending on when you apply for your pension. Whether you opt for a lump sum or defer the date to take advantage of the associated increased pension rate is obviously your choice. I applied from here a few years ago - when the pension age was also 66; I was thinking about this deferring the date, but decided against it because of the backlog of initial pension payouts at the time; I got mine exactly 4 months late.

[topt]

1 hour ago, safarimike11 said:

Whether you opt for a lump sum

As already mentioned that is not an option.