I'm retiring over there next year, probably first quarter.  I have a chunk of cash in UK private pensions - c£600k - and I'll likely put it into a flexible drawdown arrangement and pull a certain amount over monthly.  I'm thinking around £2000-£2500 per month.  My wife and I have a house already, and another property in the same village rented.

 

I've read some reports of people retiring overseas having issues doing this.  I can't see what issues there would be.  I would have it paid into a Wise account and either transferred to a Thai account (or some of it) and use the Wise funds with their debit card.

 

Am i making problems when there aren't any?

 

 

17 minutes ago, Larkin said:

I'm retiring over there next year, probably first quarter.  I have a chunk of cash in UK private pensions - c£600k - and I'll likely put it into a flexible drawdown arrangement and pull a certain amount over monthly.  I'm thinking around £2000-£2500 per month.  My wife and I have a house already, and another property in the same village rented.

 

I've read some reports of people retiring overseas having issues doing this.  I can't see what issues there would be.  I would have it paid into a Wise account and either transferred to a Thai account (or some of it) and use the Wise funds with their debit card.

 

Am i making problems when there aren't any?

 

 

Do you not have a UK bank account at the moment?

Personally if you think it may be an issue I would ask your UK private pension company if they have any issue paying into Wise or even paying out to someone who may be non-resident in the future.

I must confess I have been surprised at some of the stories on here about 'issues'.........but I do know some pension providers can be difficult. If you are there then if there are any problems at least you can probably move it to another provider who is more flexible.

Just now, topt said:

Do you not have a UK bank account at the moment?

Personally if you think it may be an issue I would ask your UK private pension company if they have any issue paying into Wise or even paying out to someone who may be non-resident in the future.

I must confess I have been surprised at some of the stories on here about 'issues'.........but I do know some pension providers can be difficult. If you are there then if there are any problems at least you can probably move it to another provider who is more flexible.

 

I do.  But i was scrolling through the Aviva app the day and saw an alert on the drawdown page saying something along the lines of 'contact us if you plan to retire abroad - the rules may be different.'

 

Anyway - i emailed them this morning and since asking my question they say there are no issues with retiring in Thailand.  So asked and answered.

 

 

I tried to set one up with Phoenix life but they would not send any  money overseas to a foreign account.

eventually set something up with standard life, (owned by the same company!) they will only make the monthly payments into my uk account,  but if I die before the payments are complete ( its fixed term) they are prepared to pay any remaining funds into my wifes Thai account as a tax free lump sum

Speak with your pension company I don’t think it’s wise to come into an open forum giving out your financial information what I would say with the upcoming budget in November you need to contact your pension provider or a financial advisor asap as there is talk regarding that pensions could be hit hard tax wise ! I went to Canada Life I had no problems with them I gave them my UK address and each year they send me my P60 I’m a UK Taxpayer even though I’ve lived in Thailand for 20 years 

I have a Hargreaves Lansdown SIPP in income drawdown. I make payments to my U.K. bank account and then transfer what I need to Thailand using Wise. You can also make payments direct from your pension provider to Wise as they provide a U.K. sort code and bank account number. 

I think an issue might be on the tax side (as it's a drawdown and not a pension payment) . Almost,  No one files but in theory anyone here for 6m or more needs to file a tax return.   Most likely it will be tax exempt but still have to fill and it might be a problem from a drawdown to prove its tax free.  

 

Saying that, I wouldn't worry about it as no one files taxes and if they do catch up with you the fine is less than the cost to file (using an agent) 

8 minutes ago, thjames007 said:

I think an issue might be on the tax side (as it's a drawdown and not a pension payment) . Almost,  No one files but in theory anyone here for 6m or more needs to file a tax return.   Most likely it will be tax exempt but still have to fill and it might be a problem from a drawdown to prove its tax free.  

 

Saying that, I wouldn't worry about it as no one files taxes and if they do catch up with you the fine is less than the cost to file (using an agent) 

My pension drawdowns are taxed at source by Hargreaves Lansdown using the tax code provided by HMRC. You are right about filing a Thai tax return if you are in Thailand for 180 days or more in a tax year (calendar year). The only pension payments that are exempt from Thai tax, as defined in the Dual Tax Agreement (DTA) between the U.K. and Thailand are U.K. Government “Service” pensions e.g. Armed Forces, NHS, Civil Service etc. Even the U.K. State Pension is taxable in Thailand. My SIPP is potentially taxable in Thailand. There are various deductions and allowances in Thailand which are quite generous (particularly if you are over age 65). I guess whether to file a Thai tax return or not is an individual choice. Most people appear not to be bothering. 

4 minutes ago, skorts said:

. I guess whether to file a Thai tax return or not is an individual choice. Most people appear not to be bothering. 

 

Including the Thai tax authorities

 

...

I had big problems accessing my L&G pensions. I was recommended to transfer to Pension Bee as I had tried several other providers to transfer to. I needed money to buy a car and needed a lump sum. With Pension Bee you can exactly what you want with your money. They are very flexible they know I live in Thailand. However there was an initial problem on transfer and I ended up giving them my sons UK address as I had problems proving my Thai address. I access my money though by transferring it into a Nationwide account then use wise to bring it over. Speak with them if you want it paying directly into a Thai account. Out of all the providers I spoke with they seemed the most flexible.

I use Nationwide and using their card reader system can transfer funs easily, also depending on the amount  it's cheaper than wise, it's one fee no matter how much you transfer their site says 20quid but I think I only paid 15, up to 50,000 I think. also they have an account you can have that pays interest. Make sure to keep a UK address in case you need a new card or reader, card readers are just automatically sent out, non registered mail, I had 2 that never showed up. Always send in Sterling.

52 minutes ago, brian69 said:

I use Nationwide and using their card reader system can transfer funs easily, also depending on the amount  it's cheaper than wise, it's one fee no matter how much you transfer their site says 20quid but I think I only paid 15, up to 50,000 I think. also they have an account you can have that pays interest. Make sure to keep a UK address in case you need a new card or reader, card readers are just automatically sent out, non registered mail, I had 2 that never showed up. Always send in Sterling.

Not sure about Nationwide being cheaper. Even £15 is expensive as my last Wise transfer last week cost £7.99 with Wise for ฿50,000. Most banks take the mid-market rate and impose an undisclosed margin between 2 to 5% whereas Wise uses the mid-market rate or better. 

1 hour ago, skorts said:

My pension drawdowns are taxed at source by Hargreaves Lansdown using the tax code provided by HMRC. You are right about filing a Thai tax return if you are in Thailand for 180 days or more in a tax year (calendar year). The only pension payments that are exempt from Thai tax, as defined in the Dual Tax Agreement (DTA) between the U.K. and Thailand are U.K. Government “Service” pensions e.g. Armed Forces, NHS, Civil Service etc. Even the U.K. State Pension is taxable in Thailand. My SIPP is potentially taxable in Thailand. There are various deductions and allowances in Thailand which are quite generous (particularly if you are over age 65). I guess whether to file a Thai tax return or not is an individual choice. Most people appear not to be bothering. 

Just because you paid tax in the UK does not mean there isn't a tax liability in Thailand nowadays.

There is a double taxation agreement so any tax paid in the UK will come off any tax due in Thailand, but it doesn't mean no taxes will be due (unless your pension is a Civil Service pension of some sort... Those are exempt in the DTA).

Things to be particularly careful with are tax free lump sums, because being exempt from tax in the UK doesn't mean it's exempt in Thailand.

10 minutes ago, bkk_mike said:

Just because you paid tax in the UK does not mean there isn't a tax liability in Thailand nowadays.

There is a double taxation agreement so any tax paid in the UK will come off any tax due in Thailand, but it doesn't mean no taxes will be due (unless your pension is a Civil Service pension of some sort... Those are exempt in the DTA).

Things to be particularly careful with are tax free lump sums, because being exempt from tax in the UK doesn't mean it's exempt in Thailand.

Absolutely right on all fronts! The tax free cash in the U.K. is as you say one to be particularly careful with as it is classed as assessable income in Thailand and potentially taxable if remitted to Thailand. 

My understanding is:
- in the UK you will have to pay taxes on amounts over £12,570 per year (which is your case).
- Then any money you remit into Thailand (and you must declare it if you live here >6 months), will be taxed again, if its source is UK pension (because it is excluded from the Double Taxation Agreement).

So the issue with the UK pension and Thailand is that you are taxed twice.

28 minutes ago, gavitronic said:

My understanding is:
- in the UK you will have to pay taxes on amounts over £12,570 per year (which is your case).
- Then any money you remit into Thailand (and you must declare it if you live here >6 months), will be taxed again, if its source is UK pension (because it is excluded from the Double Taxation Agreement).

So the issue with the UK pension and Thailand is that you are taxed twice.

You understanding is correct although U.K. Government Service Pensions are not taxable in Thailand under the Double Taxation Agreement between the U.K. and Thailand. Other U.K. pensions, including the U.K. State Pension, remitted to Thailand are assessable and potentially subject to tax in Thailand (after allowing for deductions, personal allowances and the nil rate band). You can claim tax credits in Thailand against tax paid in the U.K. to avoid being taxed twice. 

5 hours ago, thjames007 said:

Saying that, I wouldn't worry about it as no one files taxes

Say what? Many foreigners file and pay taxes in Thailand. Even those with a dual tax agreement with Thailand (you'll be credited or reimbursed if you do so).

On 10/16/2025 at 9:03 PM, Larkin said:

I would have it paid into a Wise account and either transferred to a Thai account (or some of it) and use the Wise funds with their debit card.

 

Something you may already be aware of is that money held with Wise can earn interest.  They're currently paying 3.5%, which is nice.

I use Wise and transfer money straight to my Kasikorn account, as needed.

3 hours ago, skorts said:

You can claim tax credits in Thailand against tax paid in the U.K. to avoid being taxed twice. 

In theory you are supposed to be able to.........however as some people discovered there was actually nowhere on the tax form to input the data.

Then there was the issue that in some offices (based on reports on here) no-one understood or would use the DTA.

 

There were a couple of reports about what seemed a completely arbitrary demand for a relatively small tax payment - even though the filer had calculated no tax liability.... oh and one report where they just applied a discount to get to the number the filer agreed to......

 

2 hours ago, thaibreaker said:

Say what? Many foreigners file and pay taxes in Thailand. Even those with a dual tax agreement with Thailand (you'll be credited or reimbursed if you do so).

Congratulations if you have an office that both understands and can make that work for you.

The situations I mention above are some of the reasons why many foreign "tax residents" have held off filing.

1 hour ago, topt said:

Congratulations if you have an office that both understands and can make that work for you.

The situations I mention above are some of the reasons why many foreign "tax residents" have held off filing.

No need for congratulations. Many foreigners have paid taxes for years in Thailand already, on a double tax agreement. Scandinavians mostly. For instance in Norway, the tax rules states that you must pay taxes to Thailand if you live there more than half the year. You in fact have no choice, if you want to obey the law in both countries, and it has been done smoothly enough.

8 hours ago, skorts said:

Absolutely right on all fronts!

Well, actually not totally correct: calculating the amount by which tax paid in the UK reduces your tax liabilities in Thailand is in fact a somewhat more complex calculation than as stated! 

3 hours ago, IsaanT said:

They're currently paying 3.5%, which is nice.

In what sense is this “nice”: I can get 5% in the best accounts,

or more by wise investments (I.e., not in Wise:-). 

6 hours ago, gavitronic said:

in the UK you will have to pay taxes on amounts over £12,570 per year

Not necessarily: it depends on many factors! 

7 hours ago, gavitronic said:

So the issue with the UK pension and Thailand is that you are taxed twice.

Also inaccurate!  It is nowhere near that simple.  

I have read reports by people who have notified HMRC that they are not a UK resident and have been given a NT tax code which allows them to get their pensions paid without tax being deducted . Anyone tried this here ?

6 hours ago, topt said:

In theory you are supposed to be able to.........however as some people discovered there was actually nowhere on the tax form to input the data.

Then there was the issue that in some offices (based on reports on here) no-one understood or would use the DTA.

 

There were a couple of reports about what seemed a completely arbitrary demand for a relatively small tax payment - even though the filer had calculated no tax liability.... oh and one report where they just applied a discount to get to the number the filer agreed to......

 

Congratulations if you have an office that both understands and can make that work for you.

The situations I mention above are some of the reasons why many foreign "tax residents" have held off filing.

I agree there is nowhere currently on the tax form to claim tax credits. As far as I am aware the only way to currently claim tax credits is to use one of the Thai based expat tax advisers who have the ability to claim tax credits. 
 

Given their “fees” for submitting your tax return, including dealing with tax credits, you have to weigh up whether the cost of their fees against the tax credits you are claiming makes it financially worthwhile claiming the tax credits. 
 

As you say, there are some offices who do not understand or use the DTA. To be fair, that is not surprising given over 60 countries have DTA’s with Thailand. 
 

The Thai Revenue Department’s on-line e-filing system calculates your tax as you enter the required information so you can see any tax you owe in “real time”. Whilst it doesn’t cater for tax credits for those filing without tax credits it is pretty easy to use. 
 

The e-filing system is all in Thai but if you “right click” on the page you can select “Translate to English”. This works well apart from a couple of drop-down menus which don’t get translated.

 

Using the system enables you to check any tax calculations you have done yourself before submission and helps to avoid any arbitrary demands. 
 

It is not really surprising however that due to the situations you mention that so many foreigners have held off filing. 

3 hours ago, Unamerican said:

Well, actually not totally correct: calculating the amount by which tax paid in the UK reduces your tax liabilities in Thailand is in fact a somewhat more complex calculation than as stated! 

bkk-mike is totally correct. He never commented on how the calculation of the amount by which tax paid in the U.K. reduces your tax liabilities in Thailand. 
 

He clearly stated “just because you paid tax in the U.K. does not mean there isn’t a tax liability in Thailand nowadays”. 

 

Bkk-mike’s comment is 100% correct! 

16 hours ago, thaibreaker said:

Scandinavians mostly.

I don't disagree. Unfortunately they seem to be the only subset of countries where that is the case and has often been reported on here by those who do so.

16 hours ago, thaibreaker said:

For instance in Norway, the tax rules states that you must pay taxes to Thailand if you live there more than half the year. You in fact have no choice, if you want to obey the law in both countries, and it has been done smoothly enough.

And there you have it. Enforced by the home country.........(but I believe of benefit to the tax payer to pay in Thailand rather than Norway?)

This is generally not the case for others.

16 hours ago, Unamerican said:

In what sense is this “nice”: I can get 5% in the best accounts,

or more by wise investments (I.e., not in Wise:-). 

Good for you. 3.5% is good for any money held on deposit in the UK.

Do your investments give instant unrestricted access?

4 minutes ago, IsaanT said:

Good for you. 3.5% is good for any money held on deposit in the UK.

Do your investments give instant unrestricted access?

 

 

3.85% currently on cash ISA's with Trading212.

 

 

Immediate access  (but can't top up again if you have already used your £20k p.a. ISA allowance).