UK pensions

[i claudius]

14 minutes ago, sumrit said:

 

I've spoken to several people and very few seemed to understand why their pension wasn't paid from their actual 65th birthday, so for those confused or not given an explanation as to when and what day their state pension starts this might help.

 

For me, my birthday was on Monday 21st and my NI Number  is ## ## ## 84 # which means my pension is paid on a Friday and started on the first Friday (25th) following my birthday. It's also paid in arrears.

 

 

The day your pension is paid depends on your National Insurance number.

Last 2 digits of your National Insurance number	Day your State Pension gets paid
00 to 19	Monday
20 to 39	Tuesday
40 to 59	Wednesday
60 to 79	Thursday
80 to 99	Friday

Your first payment is made at the end of the first full week after you reach State Pension age.  It won’t include the time between reaching State Pension age and your normal payment day if that’s less than one week.

my last no is 69 and it goes into the bank on friday ,always has , so not as you say .

[sumrit]

2 minutes ago, i claudius said:

my last no is 69 and it goes into the bank on friday ,always has , so not as you say .

 

Well, assuming it's a UK bank, blame your bank for putting it in late. 

The info I've just posted was copy/pasted from the Government website which explains it all. And it's correct for everybody else I know.

 

https://www.gov.uk/state-pension/what-youll-get

 

My pension is due on a Friday and arrives in my Lloyds bank account at between 1:00 and 3:00 am. on the Friday morning.

[sandyf]

7 hours ago, sumrit said:

I've spoken to several people and very few seemed to understand why their pension wasn't paid from their actual 65th birthday, so for those confused or not given an explanation as to when and what day their state pension starts this might help.

 

For me, my birthday was on Monday 21st and my NI Number  is ## ## ## 84 # which means my pension is paid on a Friday and started on the first Friday (25th) following my birthday. It's also paid in arrears.

 

 

The day your pension is paid depends on your National Insurance number.

Last 2 digits of your National Insurance number	Day your State Pension gets paid
00 to 19	Monday
20 to 39	Tuesday
40 to 59	Wednesday
60 to 79	Thursday
80 to 99	Friday

Your first payment is made at the end of the first full week after you reach State Pension age.  It won’t include the time between reaching State Pension age and your normal payment day if that’s less than one week.

Yes, I have seen this not long go and it ties in, My last 2 digits is 87 and I get paid on a Friday.

[Expattaff1308]

 

The International Consortium of British Pensioners (ICBP)

Minutes from the November APPG on Frozen British Pensions meeting.

http://frozenbritishpensions.org/november-2016-meeting-appg-brexit-overseas-territories-icbp/

[i claudius]

21 hours ago, Expattaff1308 said:

 

The International Consortium of British Pensioners (ICBP)

Minutes from the November APPG on Frozen British Pensions meeting.

http://frozenbritishpensions.org/november-2016-meeting-appg-brexit-overseas-territories-icbp/

there are two hopes of the govt upgrading our pensions and one of them is Bob ,

i know that i am a terrible cynic , but we are so far down the ladder for money ,we must still be on the ground , mind you as i have just read if you are one of the Ethiopian "spice girls" pop group ,you get a nice 9 million pound hand out , for "empowering" women in that country , what have we ever done for Britain? we don't count .

[evadgib]

Agreed, but to have any chance of winning the lottery you have to be in the draw. The draw  is entered by signing up or renewing a subscription to ICBP.

 

Mine comes up in January and although he might not realise it it was Taffs dogged persistence that persuaded me to sign up in the first place.

 

Merry Christmas All :)

Edited December 19, 2016 by evadgib

[evadgib]

Link from HMG:

 

 https://www.gov.uk/government/news/new-financial-guidance-body-unveiled

[sandyf]

On 12/19/2016 at 9:43 AM, i claudius said:

there are two hopes of the govt upgrading our pensions and one of them is Bob ,

i know that i am a terrible cynic , but we are so far down the ladder for money ,we must still be on the ground , mind you as i have just read if you are one of the Ethiopian "spice girls" pop group ,you get a nice 9 million pound hand out , for "empowering" women in that country , what have we ever done for Britain? we don't count .

Quite, very little chance when increases in general are under threat.

 

State pension triple lock under threat: Will pensioners face stingier annual rises in future?

http://www.thisismoney.co.uk/money/pensions/article-3913888/Will-state-pension-triple-lock-dropped-replace-it.html
 

[theoldgit]

Slightly off topic but worthy of note, a British friend of mine who now lives in Australia, we're old friends from our childhood in sunny Eastbourne, has been having a whinge that his pension will be reduced from January. Seems that his pension, all or part, I'm not sure which, is means tested, with all assets including assets tied up in property, being taken into consideration.

I only hope when our pensions are reviewed, it was always going to happen, especially with the looming problems facing the UK post Brexit with the reduced spending power and subsequently reduced tax revenues, I just hope that HMG doesn't go down this route or even look again at soft targets such as us.
I take solace from the review of Civil Service Pensions a few years ago when the author stated that it would be wrong for current pensioners to be targeted as there was little of nothing they could do address any reduction of income, the Government of the day seemed to accept that view, but that was then. 

[Rajab Al Zarahni]

1 hour ago, theoldgit said:

Slightly off topic but worthy of note, a British friend of mine who now lives in Australia, we're old friends from our childhood in sunny Eastbourne, has been having a whinge that his pension will be reduced from January. Seems that his pension, all or part, I'm not sure which, is means tested, with all assets including assets tied up in property, being taken into consideration.

I only hope when our pensions are reviewed, it was always going to happen, especially with the looming problems facing the UK post Brexit with the reduced spending power and subsequently reduced tax revenues, I just hope that HMG doesn't go down this route or even look again at soft targets such as us.
I take solace from the review of Civil Service Pensions a few years ago when the author stated that it would be wrong for current pensioners to be targeted as there was little of nothing they could do address any reduction of income, the Government of the day seemed to accept that view, but that was then. 

The first successful attack on pensions in payment was the removal of the RPI link from public  sector pensions. The government got away with it and succeeded by slight of hand argument that existing pensions in payment would be honored and would still be index linked. In the last couple of years we have seen newly revised formula's for index linking. Clearly if they keep tampering with the index linking formula they reduce the capacity of critics to make comparisons and raise arguments from an historical perspective. Notably, annuities are not index linked, unless of course you pay extra for that privilege and the reduction in annuity payments for opting for index linking can be eye watering. Our deterrent lies in maintaining the high level of pensioner voters.

I was sad to see the demise of Cameron as he seemed much more pensioner friendly than the current ukipalites and brexalites 

Edited December 20, 2016 by Rajab Al Zarahni

[nong38]

Early note for your diaries, the UK Budget for 2016 is set for 8th March, should be able to view through the BBC website, kick off sometime between 1200/1230 GMT.

[Kwasaki]

 

On 12/16/2016 at 6:47 PM, sandyf said:

The day your pension is paid depends on your National Insurance number.

 

Not so for me  my last NI number is 29 and l was told l'll be paid on Monday and so it was until Thai bank changed it to Thursday. 

[billd766]

39 minutes ago, Kwasaki said:

 

 

Not so for me  my last NI number is 29 and l was told l'll be paid on Monday and so it was until Thai bank changed it to Thursday. 

 

AFAIK my State pension is paid on a Wednesday (I thought a Friday) and it takes a week to arrive in my Thai bank account at a poor rate of exchange..

 

What really confuses me is that my military pension comes from the same source (the government) yet takes only 2 days unless there is a weekend or public holiday and I get a better rate of exchange. My company pension also only takes 2 days and gets the same rate (roughly) as my military pension.

[Kwasaki]

13 minutes ago, billd766 said:

AFAIK my State pension is paid on a Wednesday (I thought a Friday) and it takes a week to arrive in my Thai bank account at a poor rate of exchange..

 

I think many people know this already.

Not too sure how it works for you with UK state pension,  my understanding via a telephone conversation with IPC is that pension is paid in baht into Thailand, it is received by Bangkok bank head office branch in Bangkok on a Monday as it was at one time to my Sukhothai Bkk bank branch.

Because of a change a while back in Thai banks wanting a swift number thingy my pension payment is now delayed to Thursday by the head Bkk bank office but it's nearly always favourable to the Monday rate exchange or slightly better,  why it takes that long is anyone guess, maybe they many payment to process is my guess.     

[billd766]

1 hour ago, Kwasaki said:

 

I think many people know this already.

Not too sure how it works for you with UK state pension,  my understanding via a telephone conversation with IPC is that pension is paid in baht into Thailand, it is received by Bangkok bank head office branch in Bangkok on a Monday as it was at one time to my Sukhothai Bkk bank branch.

Because of a change a while back in Thai banks wanting a swift number thingy my pension payment is now delayed to Thursday by the head Bkk bank office but it's nearly always favourable to the Monday rate exchange or slightly better,  why it takes that long is anyone guess, maybe they many payment to process is my guess.     

 

The explanation I got from them was that they transferred my pension to Citibank in the UK, who in turn transferred it ton Citibank in the USA. They then send it to Kbank Central in Bangkok which is the problem.

 

I sent all my bank details including the account number to Newcastle but Kbank don't accept the branch code and account number automatically but do it on the following say.

 

Theoretically it should make that journey in micro seconds or even milli seconds but IMHO it stops at each connection overnight and is lent out at Libor rates and makes a few GBP/USD/THB at every stop before I get it.

[sandyf]

4 hours ago, Kwasaki said:

 

 

Not so for me  my last NI number is 29 and l was told l'll be paid on Monday and so it was until Thai bank changed it to Thursday. 

If you look back at post No 2801 you will see that the text you quoted did not come from me, it came from 'sumrit'.

 

[Kwasaki]

3 hours ago, sandyf said:

If you look back at post No 2801 you will see that the text you quoted did not come from me, it came from 'sumrit'.

 

 

Ok buddy understand your live no problem. 

[Kwasaki]

4 hours ago, billd766 said:

They then send it to Kbank Central in Bangkok which is the problem.

 

OK Bill not aware of that,  was told paid into Bkk bank head office branch Bangkok so maybe but then again Kbank then pays Bkk bank so the reason for the 4 day delay. 

Don't see that as or affecting the rate thought if it initially gets paid in at Thai baht.

Edited December 27, 2016 by Kwasaki

[billd766]

2 hours ago, Kwasaki said:

 

OK Bill not aware of that,  was told paid into Bkk bank head office branch Bangkok so maybe but then again Kbank then pays Bkk bank so the reason for the 4 day delay. 

Don't see that as or affecting the rate thought if it initially gets paid in at Thai baht.

 

Mine goes to the KBank as that is the bank I use. If you have an account at BKK Bank it should go there.

 

At the end of the day it should go straight from the State pension department via who ever and still be in your account in Thailand within a second or so. That is the theory behind it.

 

If all the links are set correctly that is what it SHOULD do. That way however the banks don't get to hold your money overnight and make interest from it.

 

I have just done an online check with KBank and my pension still has not arrived 7 days after it was paid in the UK. It shouldn't matter if there are bank holidays or not as it is all electronic transfers not a lot of little men with bags of banknotes running from bank to bank anymore.

[Kwasaki]

12 hours ago, billd766 said:

Mine goes to the KBank as that is the bank I use. If you have an account at BKK Bank it should go there.

 

Yes got a bit mixed up there but l still suspect a bit of double dealing. 

The IPC said they pay my pension into the Citibank co. UK. who then pay it into my Thai bank on Monday and if I don't get until Thursday it is sometime they have no control over.

 

OK but my conspiracy theory is    that Citibank co.UK. pay it to Citibank co.th. in Bangkok who then pay baht into the swift coded Bkk bank branch in Bangkok it is then sent my account at my Sukhothai branch, hence the delay.   

[sandyf]

20 hours ago, Kwasaki said:

 

OK Bill not aware of that,  was told paid into Bkk bank head office branch Bangkok so maybe but then again Kbank then pays Bkk bank so the reason for the 4 day delay. 

Don't see that as or affecting the rate thought if it initially gets paid in at Thai baht.

I suspect it may have something to do with the Thai bank and some may distribute the funds manually to the branches.

Up until recently I had my pension paid into TMB for over 4 years. My due day was a Friday and nearly always it turned up shortly after Bahtnet came on line on the Friday morning, I believe TMB are using automatic distribution. If there was a bank holiday in the UK I would get my pension on the Thursday morning.

I used to check the rate I received against the forex and sometimes it was fairly obvious that the payment was converted at around 4 am on the Friday morning.

[i claudius]

At the moment I get 250 pounds a month for the wife on my pension ,in 2 years,the 10 years is up ,and I lose it ,does anyone know if the govt give you anything at all to make up for it ,or is that it,thanks

Sent from my ASUS_T00J using Tapatalk

[NoshowJones]

12 hours ago, i claudius said:

At the moment I get 250 pounds a month for the wife on my pension ,in 2 years,the 10 years is up ,and I lose it ,does anyone know if the govt give you anything at all to make up for it ,or is that it,thanks

Sent from my ASUS_T00J using Tapatalk
 

I understand it stops in 2020.

[i claudius]

3 hours ago, possum1931 said:

I understand it stops in 2020.

 

Yes i realize that , but as a pensioner losing 250 pounds a month from a pension , was thre anything to replace it , even a much lower amount ?

[Eff1n2ret]

40 minutes ago, i claudius said:

 

Yes i realize that , but as a pensioner losing 250 pounds a month from a pension , was thre anything to replace it , even a much lower amount ?

Am in the same boat, but short of sending the missis out to work, I can't think of anything else.

 

But I don't expect much sympathy from those who've never had the opportunity to claim that allowance.

[NoshowJones]

1 hour ago, i claudius said:

 

Yes i realize that , but as a pensioner losing 250 pounds a month from a pension , was thre anything to replace it , even a much lower amount ?

I sympathise,  one of my mates is in the same boat, all the UK government does is take, take, take, they never give unless you are an immigrant.

[Kwasaki]

2 hours ago, i claudius said:

 

Yes i realize that , but as a pensioner losing 250 pounds a month from a pension , was thre anything to replace it , even a much lower amount ?

 

They've done away all UK benefits and pensions for Expat Thai wives.

[Kwasaki]

20 hours ago, sandyf said:

I suspect it may have something to do with the Thai bank and some may distribute the funds manually to the branches.

 

I explained further to this post and theory on ID 2818. 

[billd766]

28 minutes ago, Kwasaki said:

 

They've done away all UK benefits and pensions for Expat Thai wives.

 

Including the death benefit for those people who are foolish enough to die whilst living outside of the UK.

[billd766]

On 27/12/2016 at 0:29 PM, Kwasaki said:

 

I think many people know this already.

Not too sure how it works for you with UK state pension,  my understanding via a telephone conversation with IPC is that pension is paid in baht into Thailand, it is received by Bangkok bank head office branch in Bangkok on a Monday as it was at one time to my Sukhothai Bkk bank branch.

Because of a change a while back in Thai banks wanting a swift number thingy my pension payment is now delayed to Thursday by the head Bkk bank office but it's nearly always favourable to the Monday rate exchange or slightly better,  why it takes that long is anyone guess, maybe they many payment to process is my guess.     

 

I use Kbank and internet banking and I log the daily Forex rates.

 

I have noticed that my State pension only gets a significantly lower Forex rate of between 2.98 and 5.18 baht. This has only been happening since April this year and has nothing to do with the lower rate since Brexit. I spent about an hour this morning making a data table and the result is that I am losing between 2.030 thb and 3,558 thb. Or in GBP it comes to between £46.97 and £69.90 EVERY month depending on the Forex rate of the day.

 

The pensions department was closed yesterday for the holiday but will open today about 08.30 GMT. I will give them a call in the early new year to see if I can find out why this is happening.

 

Also my state pension arrive this morning, 2 days later than normal, and it only took 8 physical days to reach me instead of micro seconds as any electronic transfer normally does.