UK pensions

[denby45]

Can I suggest guys, that when you post a question here, that you also put your age. Without that it is very difficult for anyone to try and work out an answer.

 

Den

[nong38]

On ‎12‎/‎21‎/‎2017 at 7:24 AM, evadgib said:

I'm in the same boat & waiting until after brexit to see what happens next. My gut feeling is that the goalposts will be on the move again shortly therefore i'm sitting back until the situation is very much clearer.

 

Meanwhile seen this morning...

 

https://www.gov.uk/government/speeches/a-letter-from-the-prime-minister-to-uk-nationals-living-in-europe

I like the bit at the end which say............" is there anything wrong with this page?"

What about the British Expats who don't live in in the EU? Is there nothing outside the EU? If that is the case why are you trying to sign trade deals with paces that don't count?

[steve187]

On 12/21/2017 at 10:57 AM, topt said:

Voluntary Class 2 or Class 3 contributions. Class 3 are 14.10 per week and Class 2 (if you can prove you were employed abroad or self employed abroad) only 2.80 per week.

class 2 finish in April

[steve187]

On 12/21/2017 at 3:42 PM, keithsimmonds said:

I myself have 42 years of full contributions so far and need another 3 years to qualify for the full state pension....just because i was contracted out in the past...i mean 42 years and still paying....

have you had a pension forecast

[keithsimmonds]

49 minutes ago, steve187 said:

have you had a pension forecast

Yes...based on contributions to date £148.75pw...to get £159.55pw i need to make 3 more years of ni contributions. I have 42 full years 3 incomplete years. Then in 2022 Aged 66 i will be able to claim my pension.

[topt]

1 hour ago, steve187 said:

class 2 finish in April

Which April did you mean

According to this now delayed until 2019 -

https://www.cipp.org.uk/news-publications/news/abolition-of-class-2-nics-draft-legislation.html

 

Quote

Abolition of Class 2 NICs – draft legislation

09 November 2017

Following the government announcement that the abolition of Class 2 National Insurance contributions (NICs) has been delayed to 6 April 2019, draft legislation has been updated.

On 2 November 2017 the government announced a one year delay to the abolition of Class 2 NICs. Class 2 NICs will now be abolished from 6 April 2019 rather than 6 April 2018. The delay is to allow time for the government to engage with interested parties and Parliamentarians with concerns relating to the impact of the abolition of Class 2 NICs on self-employed individuals with low profits.

 

[steve187]

1 hour ago, topt said:

Which April did you mean

According to this now delayed until 2019 -

https://www.cipp.org.uk/news-publications/news/abolition-of-class-2-nics-draft-legislation.html

 

 

goal posts moved again, there will be a group of workers who would have the weekly stamp of £2.80 increased to £15, like a lot of things the government do, lack of forethought

[OJAS]

On 12/22/2017 at 1:11 PM, evadgib said:

Of interest to any calling DWP or planning to move funds:

 

https://www.gov.uk/government/news/final-dwp-customer-telephone-lines-become-free

 

https://www.gov.uk/government/news/uk-establishes-new-money-laundering-watchdog

Regarding the first link, what's the betting that calls will only be free to those calling from within the UK?

[OJAS]

On 12/21/2017 at 2:24 PM, evadgib said:

Meanwhile seen this morning...

 

https://www.gov.uk/government/speeches/a-letter-from-the-prime-minister-to-uk-nationals-living-in-europe

While State Pensioners living in the EU might, indeed, "be able to receive healthcare rights, pension and other benefits provisions" as they do today, there is, of course, no cast-iron guarantee against these "received provisions" being frozen at some future date. Were this to happen it would, of course, result in some level playing field with those of us living in Thailand on frozen state pensions, even if this was not achieved in a manner which we would particularly like.

[evadgib]

I was disappointed but not surprised to find no reference to frozen pensions in this Christmas snippet from Downing street:

 

https://www.gov.uk/government/news/prime-ministers-2017-christmas-message-to-the-falkland-islands 

 

Quote

I also want to congratulate all your newly elected Assembly Members following the elections last month. I was delighted to meet one of them - Teslyn Barkman - in Downing Street last month as part of my annual meeting with representatives from all the UK’s Overseas Territories.

We discussed the UK’s departure from the European Union where I reaffirmed the commitment of the government I lead to secure a deal with the European Union that is right for the whole United Kingdom and all our Overseas Territories. 

 

[ignis]

4 hours ago, OJAS said:

Regarding the first link, what's the betting that calls will only be free to those calling from within the UK?

 No idea about Free, but on a number of calls to them last year, they took details and then called me back on my Thai mobile within an hour....  {Not had a landline here for about 8 years, see no sense paying for something that I never use}

[evadgib]

Govt Depts were slow to embrace 21st C technology but most can now make calls without sapping their respective budgets; as indeed can their far-flung customers.

[OJAS]

On 12/24/2017 at 3:02 PM, ignis said:

 No idea about Free, but on a number of calls to them last year, they took details and then called me back on my Thai mobile within an hour....  {Not had a landline here for about 8 years, see no sense paying for something that I never use}

But for how long were you "serenaded" with irritating muzak before someone at the IPC actually answered your calls? Or did you find yourself speaking with real live human beings there reasonably pronto?

[delphioracle]

Remember if you do have  to contact the Overseas Pension dept and  and you are a subscriber to  AIS  put the numerical prefix  O0500 in front of the U K number as you  punch in the number and your call costs  are greatly reduced.

 

www.ais.co.th/00500/en/

[sandyf]

Last Friday afternoon (22nd) I transferred some pension from my UK account, funds were credited to my Thai account Monday morning(25th). Can't complain at that.

[Jip99]

7 minutes ago, sandyf said:

Last Friday afternoon (22nd) I transferred some pension from my UK account, funds were credited to my Thai account Monday morning(25th). Can't complain at that.

 

I transferred on Saturday evening via TransferWise and funds arrived Monday morning.

[sandyf]

5 minutes ago, Jip99 said:

 

I transferred on Saturday evening via TransferWise and funds arrived Monday morning.

Certainly something that is getting better, a few years ago at this time of year it was all a bit hit and miss. A lot to be said for reducing human intervention.

[poanoi]

34 minutes ago, sandyf said:

Last Friday afternoon (22nd) I transferred some pension from my UK account, funds were credited to my Thai account Monday morning(25th). Can't complain at that.

how do you transfer funds ?

i will have to do it myself in a few months.

the more info the merrier, thanks

[Jip99]

21 minutes ago, poanoi said:

how do you transfer funds ?

i will have to do it myself in a few months.

the more info the merrier, thanks

 

Online.

 

You book the currency transfer with Transferwise and transfer Sterling, online via BACS, from your UK bank to TW’s UK bank account.

[Harveyboy]

what are the fees like mate 

 

[nong38]

4 minutes ago, Jip99 said:

 

Online.

 

You book the currency transfer with Transferwise and transfer Sterling, online via BACS, from your UK bank to TW’s UK bank account.

Yes there are several ways of transferring the money and several who offer the same services as Jip99 mentions.

If your bank is the Nationwide and you have a card reader with you you can also use that system as well. Do transfer in sterling you will get a better rate at this end and dont forget if you are transferring more than 10,000 Euros worth of sterling you have to declare what the funds are for ( money laundering requirent) so you might say "living expenses", 'buying a car", "medical expenses".

Nationwide's fee is currently 20GBP I think.

[Jip99]

1 hour ago, nong38 said:

Yes there are several ways of transferring the money and several who offer the same services as Jip99 mentions.

If your bank is the Nationwide and you have a card reader with you you can also use that system as well. Do transfer in sterling you will get a better rate at this end and dont forget if you are transferring more than 10,000 Euros worth of sterling you have to declare what the funds are for ( money laundering requirent) so you might say "living expenses", 'buying a car", "medical expenses".

Nationwide's fee is currently 20GBP I think.

 

 

I have been impressed with TransferWise... I have looked at most options over the last 10 years and Nationwide wer3 great in the days of free cash wi5hdrawals. The £20 SWIFT charge is high, HSBC are £4 (but, CARE, other correspondent bank charges may be involved) and Barclays are free.

 

I transferred over £20,000 a couple of weeks ago and even with charges of £135 TW were 4,000 Baht better than the best bank to bank transfer.

[Orton Rd]

1 hour ago, nong38 said:

Yes there are several ways of transferring the money and several who offer the same services as Jip99 mentions.

If your bank is the Nationwide and you have a card reader with you you can also use that system as well. Do transfer in sterling you will get a better rate at this end and dont forget if you are transferring more than 10,000 Euros worth of sterling you have to declare what the funds are for ( money laundering requirent) so you might say "living expenses", 'buying a car", "medical expenses".

Nationwide's fee is currently 20GBP I think.

Plus the intermediary bank charge, plus whatever fees the Thai Bank can come up with. Last time I did it from NW they charged me the transfer fee, and so did the Thai Bank, transferwise since then

[nong38]

6 minutes ago, Orton Rd said:

Plus the intermediary bank charge, plus whatever fees the Thai Bank can come up with. Last time I did it from NW they charged me the transfer fee, and so did the Thai Bank, transferwise since then

Fair comment, things are not always what they seem, esp here!

 

Seems like Transferwise is worth a look then?

[altcar bob]

15 hours ago, nong38 said:

Fair comment, things are not always what they seem, esp here!

 

Seems like Transferwise is worth a look then?

Transferwise  are OK,tried them all, seems they use TMB for transfer then spread it out to receiving banks,but my transfer usually took 5 to 6 days to complete,now I have Nationwide flex plus 10 pounds a month but get higher exchange rate,use Jap bank EON but 20000 maximum withdrawal   150 baht withdrawal fee

[nong38]

In the UK I use Metrobank, charge is currently 25 pounds with no maximum as far as I am aware. Never had a charge from Krungsri that I am aware of here and I can check the daily rate on their website or "bankexchangeratesdaytodaydata.net " which show all the rates for the local banks, I have found that I have usually been given a slightly better rate than the one shown on screen, perhaps they like me and give me a few extra satang!

[sandyf]

21 hours ago, poanoi said:

how do you transfer funds ?

i will have to do it myself in a few months.

the more info the merrier, thanks

My account is with HSBC and I do it via their online banking. The fee is £4 and there is no correspondent bank. On Monday, after fees I got 43.08 into my Thai account, usually about half a baht below forex.

I used to have my pension paid into my Thai account and the rate was quite close to forex. Following the referendum I had my pension moved to my UK account and now only transfer as required, I spend a fair chunk of my pension in the UK each year.

[sumrit]

I have used various methods to transfer money from the UK in the past and currently find Transferwise the best exchange rate, followed by a Pre Paid Credit Card, with a swift bank transfer the worst.

 

As an example when transfering £1,000 :

 

Transferwise I send the money to the Transferwise UK account. Charges are £6.96 (£1.50 + 0.55%), the exchange rate is guaranteed @ 43.95 (the current inter bank rate) as of this moment, there are no bank charges at the Thai Bank end, you can track you transfer on line and I've always received my money in Thailand within two days. If you transfer larger amounts their fee gets slightly lower.

 

Pre Paid Credit Card I send money to the UK CC account. There are NO charges whatsoever from the CC Company. The money can be withdrawn from a Thai ATM immediately. I usually get about 2-3 satang below the interbank rate at the time of withdrawal. The downside is that the maximum you can withdraw from a Thai ATM at any one time is 20,000 baht and each withdrawal costs 220 baht, but this is the only charge there is. For me, although I get a slightly inferior exchange rate, the only bank charges are the ATM charges and the BIG advantage is that I can withdraw the money immediately from a Thai ATM, I don't have to wait 2-4 days. Ideal for unforeseen problems.

 

Swift bank transfer I bank with Lloyds bank in the UK. Their transfer charges are £9.50 (if transferring less than £5,000) which, I think, is cheaper than most other UK banks. It usually takes 3-4 days for the money to arrive and I get a little under the current bank TT rate (usually well over half a baht less than the current interbank rate) when the money arrives, plus the Thai bank also subtracts 3-500 baht to cover their charges. So, for me, the more expensive charges plus inferior exchange rate makes it a non starter.

[altcar bob]

1 hour ago, nong38 said:

In the UK I use Metrobank, charge is currently 25 pounds with no maximum as far as I am aware. Never had a charge from Krungsri that I am aware of here and I can check the daily rate on their website or "bankexchangeratesdaytodaydata.net " which show all the rates for the local banks, I have found that I have usually been given a slightly better rate than the one shown on screen, perhaps they like me and give me a few extra satang!

Metro bank max withdrawal here in Thailand is 15000 at ATM  but can call them to maximise the amount ,but they give you a two hour window to make withdrawal

[poanoi]

1 hour ago, sandyf said:

My account is with HSBC and I do it via their online banking. The fee is £4 and there is no correspondent bank. On Monday, after fees I got 43.08 into my Thai account, usually about half a baht below forex.

I used to have my pension paid into my Thai account and the rate was quite close to forex. Following the referendum I had my pension moved to my UK account and now only transfer as required, I spend a fair chunk of my pension in the UK each year.

thanks, i never transferred myself yet, i'll just experiment with a small sum first