UK pensions

[partington]

This is slightly more silly than tossing a coin. Almost everyone agrees that Britain leaving the EU with no deal, and the immediate imposition of WTO tariffs will result in another very significant and sustained drop in the pound.

 

Parity with the dollar is a  more than likely possibility if the "no deal" wing of the Tory party become ascendant, or even if the current negotiators' incompetence simply continues for another year...

[nong38]

We must be careful to remember that this topic is about pensions and not get dragged off down the Brexit road. That said Brexit does affect the pound and the rate with the Baht is of interest but, what ever we think will happen is just a guess but I expect the pound to slowly rise between now and the date we leave or we walk away, then to fall again whilst the world takes a stance on where our new position will be against other currencies in the medium term say 3-4 years after we leave we will be back to 1.5 to the dollar.

All this farting around in Brussels is pure politics, if it were down to the business people in the EU a deal would be struck quicker but there is a lot of political posturing so we will just have to watch the circus til March 2019 or maybe before.

It is worth remembering that although a lot has been said about costs goin up when we finally leave, a lot of food products will come down for the UK, meat from outside the EU has to pay a tariff to eneter and be sold within and the EU cannot support itself foodwise. I can recall a time when Australian steak and NZ lamb was very cheap then suddenly shot up in price when we joined the EEC so all the world's food will be cheaper soon, its only products made in the EU that will be more expensive, but then ours will be more expensive to the them.

This is a very complex subject and I think we will be still sorting out areas after we have left as they come up, alot could be quickly solved if it was in the interests of the two parties to do so.

If any of you out there are interested the inflation rate for September, the one the annual increase is based on, was 3%.

[Ricardo]

16 hours ago, nong38 said:

If any of you out there are interested the inflation rate for September, the one the annual increase is based on, was 3%.

 

And the Retail Price Index rose 3.9%, according to the Beeb.

 

http://www.bbc.com/news/business-41649498

 

Interesting that business-rates are linked to RPI, whereas pensions only to CPI, shows how a government can win both ways, I'm glad I no longer own businesses in the UK.

[bert bloggs]

I would not be surprised if May cuts the triple lock so that pensioners do not get the full 3% ,not that this would effect any over here as i am sure you all have told the pension service that you live here and would never use a UK ADDRESS .

[Rajab Al Zarahni]

2 hours ago, bert bloggs said:

I would not be surprised if May cuts the triple lock so that pensioners do not get the full 3% ,not that this would effect any over here as i am sure you all have told the pension service that you live here and would never use a UK ADDRESS .

A high proportion of pensioners use their vote. Of these. a high proportion are thought to vote Conservative. The conservatives do not have a majority and only cling to power through their coalition with the DUP. They yearn to ditch the triple lock but these three factors are compelling reasons why they probably won't

[nong38]

7 hours ago, Ricardo said:

 

And the Retail Price Index rose 3.9%, according to the Beeb.

 

http://www.bbc.com/news/business-41649498

 

Interesting that business-rates are linked to RPI, whereas pensions only to CPI, shows how a government can win both ways, I'm glad I no longer own businesses in the UK.

It is also a fact that when HMG calculates income inflation they use RPI but any ougoings they use CPI as you can see a net gain to the HMG of .9%.

[nong38]

Discussion on Sky News today about UK ex pats in Europe who are complaining about the exchnage rates and how they have been forgotten by the UK. One ex pat from Spain wrote that the position seemed to be ...........so long as I am alright ( the UK pensioners in the UK) and you decided to move abroad. A prevailing view from some of our own.

The EU pensioners are now feeling the heat the same as the rest who moved abroad and it also seems that there is going to be a lot of haggling as its not going to be a straight forward reciprical arrangement with ECJ being one spanner in the works. Then it seems to be that those who are pre a leaving deal will be treated different from those after the date.

Another issue is the ex pats living in the EU will be treated differently from those UK holidaymakers whilst in the EU.

Only after all this has been agreed will we be able to see if there is any progress with Ex Pats abroad but out of the EU situation.

[overherebc]

Ref pension to Thailand ( Gov' pension )

I checked with the UK office to verify the dates they release the money every 28 days.

It seems to be taking longer to show in my bank here than before, sometimes 4 to 5 days.

My other two pensions arrive much quicker after release from UK.

Has the Gov' changed the system?

Edited November 1, 2017 by overherebc

[billd766]

6 hours ago, overherebc said:

Ref pension to Thailand ( Gov' pension )

I checked with the UK office to verify the dates they release the money every 28 days.

It seems to be taking longer to show in my bank here than before, sometimes 4 to 5 days.

My other two pensions arrive much quicker after release from UK.

Has the Gov' changed the system?

 

My state pension gets paid every 4th Wednesday from the UK and I normally get it the following Tuesday unless there is a Thai bank or publick holiday.

 

Of my other 2 pensions, one is paid on 15th monthly and the other on the 20th, The both take only 2 days unless there is a weekend or a holiday.

[overherebc]

1 hour ago, billd766 said:

 

My state pension gets paid every 4th Wednesday from the UK and I normally get it the following Tuesday unless there is a Thai bank or publick holiday.

 

Of my other 2 pensions, one is paid on 15th monthly and the other on the 20th, The both take only 2 days unless there is a weekend or a holiday.

UK ( gov pension ) pay every 28 days so the day changes depending on days in the month. 13 payments a year.

I did hear the pay routing changed but no-one seems to know the details.

Edited November 1, 2017 by overherebc

[Orton Rd]

The payment day never changes for state pensions, it's tied to you NI number.

[ignis]

My UK State pension day is Monday, always [with no holidays] arrives Wednesday afternoon, was in my account here @ 3pm yesterday when I checked... [direct to my Thai account]

 

My private pension always paid into BKK Bank, London, shows in my BKK Bank Thailand account next day

[JAS21]

Guys ... for those of you who send money to Thailand on a regular basis ... I can assure you that overall it will be cheaper to use TransferWise ... have a read of the article that I wrote for thailandstarterkit.com   If any of you would like a small reduction on their first transfer PM me your e-mail address and I'll send you a link to register.  If you register first bad luck ... You will get mid market rate or better and no charges either end.  

 

My state pension is paid every twenty eight days into my UK Bank ........ unlike some .. strange

 

[Eff1n2ret]

1 hour ago, JAS21 said:

My state pension is paid every twenty eight days into my UK Bank ........ unlike some .. strange

Maybe "some" don't have a UK bank account. What's strange about that?

[transam]

If you opt to have your pension paid every 28 days it turns up on the same day every 4 weeks, mine arrives on a Thursday. You can have your state pension paid directly into a Thai bank with no charges..

[JAS21]

1 hour ago, Eff1n2ret said:

Maybe "some" don't have a UK bank account. What's strange about that?

I actually ment I thought all were paid every 28 days ...now I realise you can opt for something different.

 

Maybe some don't have a UK bank account ... nothing strange about that ... But ... we have our main bank account (joint) and also I have ensured that each of us kept a second bank account ... just in case ...it's very difficult to open a UK bank a/c if you are not in the UK ...and you never know when you will need one

[JAS21]

58 minutes ago, transam said:

If you opt to have your pension paid every 28 days it turns up on the same day every 4 weeks, mine arrives on a Thursday. You can have your state pension paid directly into a Thai bank with no charges..

Intresting Trans ...does it get deposited in gbp and your Thai bank exchanges or does it arrive as thb ...

[transam]

1 minute ago, JAS21 said:

Intresting Trans ...does it get deposited in gbp and your Thai bank exchanges or does it arrive as thb ...

Gov pays it into City Bank Ireland, they send it from there to the City Bank in the country one resides. Mine goes to City Bank BKK and they transfer it to BKK Bank..Which of these does the rate thing l don't know but l recall UK Gov stated using there transfer method provides a better exchange rate..

[vogie]

11 minutes ago, JAS21 said:

Intresting Trans ...does it get deposited in gbp and your Thai bank exchanges or does it arrive as thb ...

Thai banks will give you a better rate, always transfer pounds.

[simoh1490]

Citi Bank Ireland is the main crossroads for these things, my monthly US Social Security payment goes there and then gets transferred to my UK bank account and the exchange rate is always better than I can get elsewhere.

[JAS21]

28 minutes ago, vogie said:

Thai banks will give you a better rate, always transfer pounds.

Of course ... I was just wondering how no bank charges ... must be a special agreement with UK Pensions

[JAS21]

25 minutes ago, simoh1490 said:

Citi Bank Ireland is the main crossroads for these things, my monthly US Social Security payment goes there and then gets transferred to my UK bank account and the exchange rate is always better than I can get elsewhere.

Moving money from the US to Thailand is expensive.

 

I have not found a cheaper way of moving money from the UK to Thailand than TransferWise ... I have bought thb using Moneycorp ... used my bank to send gbp and used Xend Pay ...

 

If anyone knows a cheaper way please tell ....

[billd766]

3 hours ago, transam said:

If you opt to have your pension paid every 28 days it turns up on the same day every 4 weeks, mine arrives on a Thursday. You can have your state pension paid directly into a Thai bank with no charges..

 

I have done that for years.

 

Paid on a Wednedsday from the UK and arrives in myThai bank the following Tuesday unless there is a bank holiday.

Edited November 4, 2017 by billd766
bad spelling

[billd766]

1 hour ago, JAS21 said:

Moving money from the US to Thailand is expensive.

 

I have not found a cheaper way of moving money from the UK to Thailand than TransferWise ... I have bought thb using Moneycorp ... used my bank to send gbp and used Xend Pay ...

 

If anyone knows a cheaper way please tell ....

 

My state pension is paid through Citibank in the UK and AFAIK my Armed Forces and company pension go on a different route as they only take 2 days.

[simoh1490]

1 hour ago, JAS21 said:

Moving money from the US to Thailand is expensive.

 

I have not found a cheaper way of moving money from the UK to Thailand than TransferWise ... I have bought thb using Moneycorp ... used my bank to send gbp and used Xend Pay ...

 

If anyone knows a cheaper way please tell ....

HSBC UK to Thailand, transfer Pounds, £4 per transfer plus the receiving charge by the Thai bank, no correspondent banks involved, not for me at least!

[JAS21]

17 minutes ago, simoh1490 said:

HSBC UK to Thailand, transfer Pounds, £4 per transfer plus the receiving charge by the Thai bank, no correspondent banks involved, not for me at least!

Thai bank gives you TT rate ...maybe compare TTrate to mid market rate .... 

[Jip99]

20 minutes ago, simoh1490 said:

HSBC UK to Thailand, transfer Pounds, £4 per transfer plus the receiving charge by the Thai bank, no correspondent banks involved, not for me at least!

 

 

You wouldn’t say that if you banked with Bangkok Bank.

 

They have just started routing through Nat West and as correspondent Bank they charge £35.

 

This is because Bangkok Bank no longer have an account with HSBC (and/or vice-Vera).

[simoh1490]

6 minutes ago, Jip99 said:

 

 

You wouldn’t say that if you banked with Bangkok Bank.

 

They have just started routing through Nat West and as correspondent Bank they charge £35.

 

This is because Bangkok Bank no longer have an account with HSBC (and/or vice-Vera).

 

You said as much in another thread and I still don't buy it. It makes zero sense to me that HSBC UK cannot transfer directly to Bangkok Bank Thailand (and/or vice versa) without using a correspondent bank, proof of that claim will be needed before I think it's evenly remotely correct or true. International bank transfers are not like mobile roaming agreements where the two banks have to first agree to be connected via international transfer systems, you know better than that. 

[simoh1490]

18 minutes ago, JAS21 said:

Thai bank gives you TT rate ...maybe compare TTrate to mid market rate .... 

Yes, the TT rate is the midpoint plus the lowest uplift. The fact there are no sending and no receiving charges by either bank make it a seriously good deal, .

[JAS21]

1 hour ago, simoh1490 said:

Yes, the TT rate is the midpoint plus the lowest uplift. The fact there are no sending and no receiving charges by either bank make it a seriously good deal, .

As I mentioned earlier in post #3441... have a look at thailandstarterkit.com  ... it is actually quite an interesting site with loads of useful information. Under the Banking section (or Latest Articles) there are two topics on transferring money from the UK ... one on XendPay and the one that I wrote for them on TransferWise... they asked me to write it as they knew that I used TW

 

Moving money via banks is getting old news ........  on the day and time that you move your money look at the mid market rate and also your Thai Bank TT Rate, you may get quite a surprise ... and of course there will be a fee this end.  And depending on the time of day that you do the deal your money may be here the next day ... never longer that two days unless there is a weekend involved  

Edited November 4, 2017 by JAS21