Barclay'S Private Pension To Thailand

[Kwasaki]

Happy new year to everyone, hope the pound goes to 75 again.

Jokes aside is there anyone here please living in Thailand in the same boat as I will be in when receiving a private pension that becomes mature only when the UK government pension is due to be received.

1. For sometime the Barclay pension was linked in someway to the Serps thingy which up until a certain time, my circumstances changed so I was advised to choice between Opting in or out.

2. Will the private pension be an issue and sent separately to the state pension.

3. Will it possible for the private pension to be sent with my UK pension to my Thai Bank a/c.

Kind Regards K

[jubby]

If you were an employee of Barclays you may find that you can take your private pension at 55. maybe 50 if your old enough. It was recently changed by a certain War Criminal to 55. The opt in and out I suspect was for something other than serps.

I hope you didnt opt out of a final salary pension scheme into a investments scheme which they tried to sell us a few years ago.

The serps thing will kick in at 65. it'll just mean your private pension will reduce slightly when you get your State pension at 65.

you can have your private pension paid where ever you like I suspect.

Don't spend it all at once.

Please tell me your 55 and this is the best news you've had in years

[Kwasaki]

If you were an employee of Barclays you may find that you can take your private pension at 55. maybe 50 if your old enough. It was recently changed by a certain War Criminal to 55. The opt in and out I suspect was for something other than serps.

I hope you didnt opt out of a final salary pension scheme into a investments scheme which they tried to sell us a few years ago.

The serps thing will kick in at 65. it'll just mean your private pension will reduce slightly when you get your State pension at 65.

you can have your private pension paid where ever you like I suspect.

Don't spend it all at once.

Please tell me your 55 and this is the best news you've had in years

Thanks " jubby " I got a private Barclay's pension out in the " Maggie days " I never did understand the " SERPS " it was suposed to be an insentive at the time to encourage people to get a private pension going along side there UK government pension.

Over the years it was doing very well, owing to the way things are now though, I think it's fallen on it's face and become a measley sum.

I was hoping for some info from someone that has a private pension and a Government pension being paid into a Thai bank together.

And !!! No I am nearly 64 and quite content to wait for my pension because Barclay's said it can only be paid when the UK government one is due.

[jubby]

It maybe worth contacting the state pensions people in the UK, if you haven't already. They will be able to tell you everything you need to know. Thats if you haven't already.

Google HMRC and PENSIONS. Its all there on the web. you can get a userid easily.

[techno]

Barclays Life and Pensions was sold to a Swiss Insurance company about 3 years ago. I started receiving my Barclays pension at 60 when l retired and l took a lump sum (tax free) and a monthly pension which will not decrease when l get my state pension next year. I tried to get Barclays pension into m Bangkok Bank a/c but they told me that its their policy not to pay monthly pensions into an overseas account only a UK bank. My Prudential pension is paid into my Bangkok Bank a/c (via HSBC) and at no charge to me

[pjclark1]

Most private pensions create a lump sum of money.

That lump sum can then be used in several ways.

1) Buy an annuity from the pension provider

2) Buy an annuity from another pension provider

3) Put into a draw-down pension fund.

1) is usually least profitable for the pensioner, but makes the most money for the pension fund provider.

2) often provides the best monthly return, but gone when you die.

3) allows you to keep the entire amount of money for you and your family

You can take the pension in any form you like from age 55 and up (as far as I know)

Keeping it in Barclays will most likely be your worst option. IMHO

You really need to consult a pension advisor.

(PS UK pension funds have generally been doing really well in the last 4 years)

[Kwasaki]

Barclays Life and Pensions was sold to a Swiss Insurance company about 3 years ago. I started receiving my Barclays pension at 60 when l retired and l took a lump sum (tax free) and a monthly pension which will not decrease when l get my state pension next year. I tried to get Barclays pension into m Bangkok Bank a/c but they told me that its their policy not to pay monthly pensions into an overseas account only a UK bank. My Prudential pension is paid into my Bangkok Bank a/c (via HSBC) and at no charge to me

Thanks for your info but I have asked Barclays and they said I cannot receive the private pension until I get the UK state one.

I guess there is many types of pensions never did understand em.

[Kwasaki]

Most private pensions create a lump sum of money.

That lump sum can then be used in several ways.

1) Buy an annuity from the pension provider

2) Buy an annuity from another pension provider

3) Put into a draw-down pension fund.

1) is usually least profitable for the pensioner, but makes the most money for the pension fund provider.

2) often provides the best monthly return, but gone when you die.

3) allows you to keep the entire amount of money for you and your family

You can take the pension in any form you like from age 55 and up (as far as I know)

Keeping it in Barclays will most likely be your worst option. IMHO

You really need to consult a pension advisor.

(PS UK pension funds have generally been doing really well in the last 4 years)

Hey there thanks for your reply, Barclays has said I can only take my pension with the UK state one, I guess that was the type of top up plan I got myself into.

In PM's I have already said the private pension is small due to past circumstances and a pension adviser would probably cost me more than the pension is worth. :lol:

[pjclark1]

Hey there thanks for your reply, Barclays has said I can only take my pension with the UK state one, I guess that was the type of top up plan I got myself into.

In PM's I have already said the private pension is small due to past circumstances and a pension adviser would probably cost me more than the pension is worth. :lol:

Don't assume Barclay's are telling the truth

Contact a private advisor, it shouldn't cost you anything for an enquiry

I use

alan hall pfm international

google his email, he is based in Chiang Mai and Pattaya.

What do you have to lose?

[Kwasaki]

Hey there thanks for your reply, Barclays has said I can only take my pension with the UK state one, I guess that was the type of top up plan I got myself into.

In PM's I have already said the private pension is small due to past circumstances and a pension adviser would probably cost me more than the pension is worth. :lol:

Don't assume Barclay's are telling the truth

Contact a private advisor, it shouldn't cost you anything for an enquiry

I use

alan hall pfm international

google his email, he is based in Chiang Mai and Pattaya.

What do you have to lose?

Thanks pal I'll do that. cheers.K

[MAJIC]

Most private pensions create a lump sum of money.

That lump sum can then be used in several ways.

1) Buy an annuity from the pension provider

2) Buy an annuity from another pension provider

3) Put into a draw-down pension fund.

1) is usually least profitable for the pensioner, but makes the most money for the pension fund provider.

2) often provides the best monthly return, but gone when you die.

3) allows you to keep the entire amount of money for you and your family

You can take the pension in any form you like from age 55 and up (as far as I know)

Keeping it in Barclays will most likely be your worst option. IMHO

You really need to consult a pension advisor.

(PS UK pension funds have generally been doing really well in the last 4 years)

Hey there thanks for your reply, Barclays has said I can only take my pension with the UK state one, I guess that was the type of top up plan I got myself into.

In PM's I have already said the private pension is small due to past circumstances and a pension adviser would probably cost me more than the pension is worth. :lol:

It sounds to me by your Postings,that you may have done the same as me in the mid eighties,which was, Contract out of SERPS,on the advice of Barclays,

This was as you rightly stated a Government of the day Insentive,to start your own Private Pension,topped up by year on year Government Top Ups to Barclays into your Private Pension.

I was advised by Barclays at the age of 54,that it would be beneficial for me to Contract back into SERPS,which I then did.

Later I drew the Pension,together with a 25% Lump Sum. I am still drawing this Private Pension,which I believe will have little or no effect on my Pension at age 65,other than for Tax Threshold purposes.

Whether you had a different version of the scheme with Barclays is difficult to say? Perhaps your age at the time made it not possible for you to contract back into SERPS.at the right age,i.e 54 years of age,or maybe it was your age when you joined the Barclays Pension Scheme?

I remember at the time,of my decision,that I didn't have much time to make up my mind,to Contract back in, or stay out of SERPS. Also Government Regulations,are constantly being changed.

It is correct that this Pension has to be paid into a UK Bank Account,I believe this is for UK Tax purposes,as the Pension was generated in the UK,then it is Taxable,but nothing to stop you from transferring it to Thailand, afterwards.

I'm sure Barclays would explain things to you,in more detail, if you were to write to them.