Private Pension In Uk

[kevbap]

Hello everyone, I need to know how i go about getting my private pension money paid to me here in Thailand, i am 50 next month and I believe I can opt to have it paid to me now? If this is not the case please reply back and tell me, or if this is the case, any ideas as to how i go about it or if anyone knows an agent to handle it. I have no intention of going back to the UK to sort it out so an agent seems to be the way to go?

Any help will be gratefully received and if I get my lump sum, there will be a couple of beers on offer !

Thanks Kevin

[wandrinstar]

Just Fax your Ins Company with ALL the Details of the Police No, and Your Thai Bank Acc No, and thats that. You will be asked to sign and confirm a few return Faxes from them..Incredibly easy..Golden Rule. Dont use the Phone..You will get an Essex Girl like i did.The Phone Bill was as much as the Payout.

[kevbap]

Just Fax your Ins Company with ALL the Details of the Police No, and Your Thai Bank Acc No, and thats that. You will be asked to sign and confirm a few return Faxes from them..Incredibly easy..Golden Rule. Dont use the Phone..You will get an Essex Girl like i did.The Phone Bill was as much as the Payout.

cheers matey, it just cant be that easy, can it?

[MartinL]

It really IS that easy - I've done just that in the last week. They'll want you to sign things so the important bits will have to be done by mail - maybe fax too, I don't know - but phoning them doesn't achieve much.

Contact the Insurance Co. with Name, Policy No. etc. - initially by e-mail if you have an address, justy to save a couple of days. Say you're considering taking your pension and ask them to quote options available to you. You'll get info. on what's on offer. Mine gave options of:-

- a lump sum equal to 25% of pension fund, pension for life with no annual increase and 50% of that pension for your wife after your death,

- lump sum, smaller pension with a 3% annual increase and 50% for the wife,

- no lump sum, pension for life and 50% for the wife.

You'll have to do a few simple sums to see which is best for your circumstances, fill in a health & lifestyle questionnaire and send the whole lot back to them.

If you dont like what's on offer, you have the option to shop around to find a better deal.

[kevbap]

It really IS that easy - I've done just that in the last week. They'll want you to sign things so the important bits will have to be done by mail - maybe fax too, I don't know - but phoning them doesn't achieve much.

Contact the Insurance Co. with Name, Policy No. etc. - initially by e-mail if you have an address, justy to save a couple of days. Say you're considering taking your pension and ask them to quote options available to you. You'll get info. on what's on offer. Mine gave options of:-

- a lump sum equal to 25% of pension fund, pension for life with no annual increase and 50% of that pension for your wife after your death,

- lump sum, smaller pension with a 3% annual increase and 50% for the wife,

- no lump sum, pension for life and 50% for the wife.

You'll have to do a few simple sums to see which is best for your circumstances, fill in a health & lifestyle questionnaire and send the whole lot back to them.

If you dont like what's on offer, you have the option to shop around to find a better deal.

I think cause i've been in Asia for so long that i dont believe things can be simple anymore !

One more thing, have you heard back from yours? and any time scale put on this?

Thanks for your swift replies, surely got to be worth a beer ! cheers

[techno]

Some private pension companies will not send monthly payments overseas. I have 2 private pensions and Barclays Life will not make payment overseas but Prudential will

[MartinL]

Sent my initial letter to Insurance Co. on 28 May. Received reply and info. package on 18 June, returned that on 20 June. So 3 weeks from first approach to my returning the documents which includes the time in the Postal system. Obviously haven't had a reply yet but they seem pretty quick off the mark.

My Insurance Co. is Aviva, BTW - formerly Norwich Union.

EDIT - not sure, but I believe 55 is the lower age limit for taking your pension although that might have changed recently. I'm old enough for that not to be an issue .

My current pension provider has no problem with overseas payments although they make the actual payment via a proxy so it goes from them to the proxy account to my account. Not something that'd cause any concern if you didn't know about it. Payments are received promptly every month with no fuss.

Aviva ask about your foreign bank if you live overseas so I guess they have no problem either.

Edited June 24, 2011 by MartinL

[ableguy]

It really IS that easy - I've done just that in the last week. They'll want you to sign things so the important bits will have to be done by mail - maybe fax too, I don't know - but phoning them doesn't achieve much.

Contact the Insurance Co. with Name, Policy No. etc. - initially by e-mail if you have an address, justy to save a couple of days. Say you're considering taking your pension and ask them to quote options available to you. You'll get info. on what's on offer. Mine gave options of:-

- a lump sum equal to 25% of pension fund, pension for life with no annual increase and 50% of that pension for your wife after your death,

- lump sum, smaller pension with a 3% annual increase and 50% for the wife,

- no lump sum, pension for life and 50% for the wife.

You'll have to do a few simple sums to see which is best for your circumstances, fill in a health & lifestyle questionnaire and send the whole lot back to them.

If you dont like what's on offer, you have the option to shop around to find a better deal.

Very easy but remmember when mailing things to the UK from any post office send it registered costs a few baht more but at least it will get there.

[larrylikesit]

It is true that on some occasions the whole process can be very simple, especially if you have all your documentation.

This month alone I have had 2 people that had for one reason or another got bogged down with the entire process.

Please remember that you have rights even after leaving Britain. Financial institutions have to look after your money as well as their own interests

so they are not always in a hurry to send funds out.

I deal with this on a regular basis email me if you need some help.

[kevbap]

It is true that on some occasions the whole process can be very simple, especially if you have all your documentation.

This month alone I have had 2 people that had for one reason or another got bogged down with the entire process.

Please remember that you have rights even after leaving Britain. Financial institutions have to look after your money as well as their own interests

so they are not always in a hurry to send funds out.

I deal with this on a regular basis email me if you need some help.

Cheers 'Larry likes it' i will pm you now !

Would be nice if you knew some companies that dealt with this?

[lungbing]

I have a UK private pension. It is paid into my Nationwide flexaccount every month and I have set up a standing order to transfer it into a high-interest (that's a laugh) Nationwide internet-run savings account a few days later. It accumulates there and once a year I transfer it all back to the Nationwide flexaccount. From there I transfer it to my Kasikorn Thai bank account over here to satisfy my visa requirements. This can all be done online.

If you transfer your pension over here monthly it will cost you a transfer fee monthly. If you let your pension company convert GB pounds into baht before transfer you will get a terrible rate.

If you can last even six months before needing the money then transfer the accumulated pension from your UK account twice a year, each time sending GBP so the conversion to baht is done this end.

I have done this now for ten years without a hitch.

Do look on the web for annuity calculators as you may get a better rate than you think. Do not accept your insurance company's first offer. By now you should have an idea of how much is in your 'pot' and you can use that in the annuity rate checker to get a good idea of what you will be offered by different companies. I did it last week and it's very easy to try out different scenarios eg, lump sum or not, increasing pension or static amount, any health problems.

Final point. If you are married then add your wife to the UK account as a joint account holder so that when you do die, hopefully many years from now, she will be able to access the money and perhaps use it also for her widow's pension.

[Beetlejuice]

Cannot understand your logic by creating this thread, as there is no point in asking us on Thai visa, because we simply have no way of knowing.

As from what age you can claim your pension from your private pension company depends on the contract you have with your pension company and what kind of pension scheme you have with them. Same applies as to whether or not they will pay your pension directly abroad into a foreign bank account.

No one can answer your questions, because each pension scheme differs.

I would have thought your first actions would have been to contact your pension company and seek the information from them.

[prefabs]

Cannot understand your logic by creating this thread, as there is no point in asking us on Thai visa, because we simply have no way of knowing.

As from what age you can claim your pension from your private pension company depends on the contract you have with your pension company and what kind of pension scheme you have with them. Same applies as to whether or not they will pay your pension directly abroad into a foreign bank account.

No one can answer your questions, because each pension scheme differs.

I would have thought your first actions would have been to contact your pension company and seek the information from them.

Toothache? Bad hangover?Wife nipping your head? Wrong side of the bed?

Jeez, the guy only asked

[StreetCowboy]

How difficult would it be for me to arrange to have his pension sent to me?

I assume I would need quite extensive personal information, such as his real name, and the company that holds the pension. I say 'real name', though the pension could be held in an assumed name, if he is an enthusiastic runner...

Presumably this would be a good challenge to set one of our more techno-geek fellows...

SC

[WeeGB]

I have a UK private pension. It is paid into my Nationwide flexaccount every month and I have set up a standing order to transfer it into a high-interest (that's a laugh) Nationwide internet-run savings account a few days later. It accumulates there and once a year I transfer it all back to the Nationwide flexaccount. From there I transfer it to my Kasikorn Thai bank account over here to satisfy my visa requirements. This can all be done online.

If you transfer your pension over here monthly it will cost you a transfer fee monthly. If you let your pension company convert GB pounds into baht before transfer you will get a terrible rate.

If you can last even six months before needing the money then transfer the accumulated pension from your UK account twice a year, each time sending GBP so the conversion to baht is done this end.

I have done this now for ten years without a hitch.

Do look on the web for annuity calculators as you may get a better rate than you think. Do not accept your insurance company's first offer. By now you should have an idea of how much is in your 'pot' and you can use that in the annuity rate checker to get a good idea of what you will be offered by different companies. I did it last week and it's very easy to try out different scenarios eg, lump sum or not, increasing pension or static amount, any health problems.

Final point. If you are married then add your wife to the UK account as a joint account holder so that when you do die, hopefully many years from now, she will be able to access the money and perhaps use it also for her widow's pension.

Hi, If I may add to this. With Nationwide, you can use an on-line transfer form (SWIFT transfer), to send money from your nationwide Flex (current) account to your Thai Bank. ALWAYS do the transfer in Pounds. I usually get a slightly better rate than is quoted on Thaivisa pages. PLUS for Thailand ONLY, on the SWIFT form it asks you what you will use the money for. I always put "personal expenses" and have had no problems (touch wood !), so far. By transferring money this way it costs 25 pounds, for any amount, I usually tansfer 5 or 10,000 pounds at a time. MUCH cheaper that using an ATM with all the charges from both the UK and Thai banks. Enjoy your retirement.

[AyG]

The minimum age for taking a private pension increased to 55 in April last year (with, I believe, a few exceptions for people such as sportsmen who have a short professional life). Unless there are special circumstances, the OP can't take a pension at 50.

[SantiSuk]

If you live with your wife in Thailand and you have a very stable long lasting relationship and you are likely to have substantial assets on your demise (currently and for the foreseeable future, more than the £325,000 inheritance tax tax-free limit) then taking a pension with a widow's pension option can be a sensible strategy to secure your wife's long term finances in a tax efficient manner.

Normally a UK domiciled wife can inherit your estate free of IHT. This exemption does not apply for non-domiciled spouses but a pension to her is one way of getting your assets into her hands without tax. However it is likely to make quite a dent in your pension if she is a long way from retirement. I doubt that many UK expats with Thai wives take this option for that reason, but it is worth asking your pension provider for an illustration of that option.

One other thing. Even if you are not yet at the minimum retirement age, you can get a projection of your likely pension benefits under various options by calling your private pension provider. Options that are usually given are:

Pension with and without lump sum tax-free draw down (usually using the maximum 25% drawdown)

Pension with and without index-linking

Pension with and without a guaranteed pension payment period

Pension with and without widow's pension on your demise

Value of your pension if you want to transfer it to another provider

With any private pension it is quite likely you will get more money if you transfer it to another provider. You need to contact an IFA or pensions adviser who will shop around for you and will advise on the options more generally. They will usually charge no fee for this unless you exercise a transfer option.

If you are lucky enough to have a guaranteed minimum pension then an alternative provider is unlikely to be able to beat your provider because your provider will have been locked into giving you a favourable pension. [it was these types of guarantees that got Equitable Life into difficulties, but that does not mean that other pension providers are insecure]. A guaranteed minimum pension should not be confused with a guaranteed pension payment period. The latter means that your pension - or a reduced version of your pension - will continue to be paid to your nominated beneficiary (usually your wife) for a certain number of years once you die. This can be a valuable 'insurance' in case you die early and is usually not that expensive in terms of the reduction of the pension that would otherwise be paid.

By the way a 'pension' from a private pension provider is often referred to as an 'annuity' - an annual fixed or inflating amount bought with the total value of your pension ('fund amount') at the time you choose to start your 'pension'

Complicated stuff!

[NALAK]

55 now before you can take your pension, i took one at 50 tried to take another at 53 and was told that jerk gorden brown changed the rules and you cant touch it until you are 55 now. bless him. i used to work for teh Prudential and they had over 20 options when taking pension, with mine i went for sole life only, get more that way

You should review your Personal Pension contribution regularly (at least every year). At retirement (any age after 55 but 50 before 2010) you take your benefits. A tax free cash sum is available up to 25% of the fund you have built up.

Edited June 26, 2011 by NALAK

[NALAK]

I have a UK private pension. It is paid into my Nationwide flexaccount every month and I have set up a standing order to transfer it into a high-interest (that's a laugh) Nationwide internet-run savings account a few days later. It accumulates there and once a year I transfer it all back to the Nationwide flexaccount. From there I transfer it to my Kasikorn Thai bank account over here to satisfy my visa requirements. This can all be done online.

If you transfer your pension over here monthly it will cost you a transfer fee monthly. If you let your pension company convert GB pounds into baht before transfer you will get a terrible rate.

If you can last even six months before needing the money then transfer the accumulated pension from your UK account twice a year, each time sending GBP so the conversion to baht is done this end.

I have done this now for ten years without a hitch.

Do look on the web for annuity calculators as you may get a better rate than you think. Do not accept your insurance company's first offer. By now you should have an idea of how much is in your 'pot' and you can use that in the annuity rate checker to get a good idea of what you will be offered by different companies. I did it last week and it's very easy to try out different scenarios eg, lump sum or not, increasing pension or static amount, any health problems.

Final point. If you are married then add your wife to the UK account as a joint account holder so that when you do die, hopefully many years from now, she will be able to access the money and perhaps use it also for her widow's pension.

doing that will reduce the monthly amount, just a thought as they then have to wait for you both to die before they stop paying

[kevbap]

Cannot understand your logic by creating this thread, as there is no point in asking us on Thai visa, because we simply have no way of knowing.

As from what age you can claim your pension from your private pension company depends on the contract you have with your pension company and what kind of pension scheme you have with them. Same applies as to whether or not they will pay your pension directly abroad into a foreign bank account.

No one can answer your questions, because each pension scheme differs.

I would have thought your first actions would have been to contact your pension company and seek the information from them.

Thanks, the thought process of posting this thread was to find out from 'Thai Visa' members, and not Thai visa itself ! how other people have gone about transferring their funds to Thailand or applied for there private pension fund to be paid in one lump sum !

I know for a fact people are having there private pensions paid out in a lump sum, i just needed to know whether or not i needed to return to the UK for the paperwork or as the first person posted, i could in fact do everything from here!

Thanks !!!