British pension in Chiang Mai - enough?

[BasilBrush500]

Hi friends,

Is it possible to retire on my British pension in CM? What about health cover?

I don't think UK pension level will meet the visa rules ? However, I'd be prepared to work. I have a MA TESOL and CELTA and have 10 years to retirement, so I could still do some teaching. I'm just wondering if I will be able to get the British pension paid there, and if I could live on it. Worried about retirement.

Alternatively, how can I build up extra pension that can be paid in Thailand ???? Can I pay into UK funds when I don't live there? Are there any Thailand funds I could pay into? I'm really lost on this stuff. I'm hard worker but useless with money planning.

I work in Oman now, and I could build up some pension other than UK old age pension, which I believe is only about 120 pounds a month. That's not enough is it?

Like I said, I've only got about 10 years to do something about it. Not sure I trust Thai banks or UK pension funds TBH. What about property in Thailand or investing somewhere else? I don't wanna be broke when I'm too old to do anything about it. Is there no falang pension fund in Thailand? Could do with one.

Any advice welcome. Basil

[jonwilly]

No, UK State pension is not enough for you to live on in Thailand.

Well you could survive on a very basic level until you have Medical or other financial probs.

Now with the High exchange rate of B53 it would give you say B20,000 a month.

In the years I have been coming to Thailand I have seen B22 and Over B100 to £.

And with prospect of next UK Gov being Labour I would not have long term faith in a High £.

john

[onthedarkside]

Lot to digest and comment about.

No your UK state pension would not be enough to qualify for a retirement visa in Thailand. At this time you must prove an income of 65,000 baht/month. In 10 years - who knows ? Or you could keep 800,000 baht in a Thai bank, say in a mutual fund paying something like 3.5%.

Finding work here in Thailand at 65. Difficult, far too many youngster expats looking to work cheap, even illegally without a Work Permit.

Your UK state pension will be paid even if you stay in Thailand, but any annual inflation increases will be frozen if you use a non UK postal address.

Your health - a big consideration if 65 and over. You will have no health cover from the UK system when living in Thailand. And unlikely you will qualify for any Thai scheme. There was a recent long discussion about that here on Thaivisa. But just assume you will have to pay out of pocket or buy health insurance which will be expensive if 65 and over, assuming you can even find a company to insure you here in Thailand.

[jonesthepost]

No, UK State pension is not enough for you to live on in Thailand.

Well you could survive on a very basic level until you have Medical or other financial probs.

Now with the High exchange rate of B53 it would give you say B20,000 a month.

In the years I have been coming to Thailand I have seen B22 and Over B100 to £.

And with prospect of next UK Gov being Labour I would not have long term faith in a High £.

john

When did you see 22 and over 100 baht to the pound.

[Jip99]

No your UK state pension would not be enough to qualify for a retirement visa in Thailand. At this time you must prove an income of 65,000 baht/month. In 10 years - who knows ? Or you could keep 800,000 baht in a Thai bank, say in a mutual fund paying something like 3.5%.

Not true.

just evidencing receipt of the state pension for 3 months will get you a visa.

The problem comes with applying for an extension where you will need 800k/400k in the bank (retirement/marriage extension) or income of 40k/65k per month.

[onthedarkside]

No, UK State pension is not enough for you to live on in Thailand.

Well you could survive on a very basic level until you have Medical or other financial probs.

Now with the High exchange rate of B53 it would give you say B20,000 a month.

In the years I have been coming to Thailand I have seen B22 and Over B100 to £.

And with prospect of next UK Gov being Labour I would not have long term faith in a High £.

john

When did you see 22 and over 100 baht to the pound.

Lowest I remember was 36 Baht, highest was 90 Baht (for about 2 days only).

[onthedarkside]

No your UK state pension would not be enough to qualify for a retirement visa in Thailand. At this time you must prove an income of 65,000 baht/month. In 10 years - who knows ? Or you could keep 800,000 baht in a Thai bank, say in a mutual fund paying something like 3.5%.

Not true.

just evidencing receipt of the state pension for 3 months will get you a visa.

The problem comes with applying for an extension where you will need 800k/400k in the bank (retirement/marriage extension) or income of 40k/65k per month.

Seems clear to me that the OP was looking at the long term retirement options, as in the annual extension options.

[Chupup]

Uk state pension is more like 140 a week but don;t get you happy face on as you will NOT get any increments and the government will stop 60 pound per week because you have chosen to live in Thailand

Forget Thailand as there are lots of other nice places where you will get your full pension and increments

just look out

[Chupup]

Uk state pension is more like 140 a week but don;t get you happy face on as you will NOT get any increments and the government will stop 60 pound per week because you have chosen to live in Thailand

Forget Thailand as there are lots of other nice places where you will get your full pension and increments

just look out

Just look about

[Jip99]

No your UK state pension would not be enough to qualify for a retirement visa in Thailand. At this time you must prove an income of 65,000 baht/month. In 10 years - who knows ? Or you could keep 800,000 baht in a Thai bank, say in a mutual fund paying something like 3.5%.

Not true.

just evidencing receipt of the state pension for 3 months will get you a visa.

The problem comes with applying for an extension where you will need 800k/400k in the bank (retirement/marriage extension) or income of 40k/65k per month.

Seems clear to me that the OP was looking at the long term retirement options, as in the annual extension options.

Indeed.

I knew that, but you referred to a retirement visa. Which is completely different.

Surely you are aware of the difference between a visa and an extension ?

[Jip99]

Uk state pension is more like 140 a week but don;t get you happy face on as you will NOT get any increments and the government will stop 60 pound per week because you have chosen to live in Thailand

Forget Thailand as there are lots of other nice places where you will get your full pension and increments

just look out

Can you clarify what the GBP 60 per week is that will be stopped ?

[Naam]

No, UK State pension is not enough for you to live on in Thailand.

Well you could survive on a very basic level until you have Medical or other financial probs.

Now with the High exchange rate of B53 it would give you say B20,000 a month.

In the years I have been coming to Thailand I have seen B22 and Over B100 to £.

And with prospect of next UK Gov being Labour I would not have long term faith in a High £.

john

When did you see 22 and over 100 baht to the pound.

some people exaggerate "slightly". highest ever was 92 (january 1998), low around 35 (end 70s, early 80s).

[worgeordie]

If you retire to Philippines you will get your full UK pension (if they are still doing them in ten years time !),

and get future increases in the pension, my advise would be to work like hell for the next ten years AND

save your money,that will put you in a much better position for retirement.

regards Worgeordie

[jonwilly]

B22 in 82 under Maggie, and I had 85 in Dec 97 my resident friends assured me it went over B100 in early 98.

john

[jonesthepost]

B22 in 82 under Maggie, and I had 85 in Dec 97 my resident friends assured me it went over B100 in early 98.

john

In 1982 the pound was around 38-39 to the baht and the dollar 25 and you can check this easy by google and never 100 as said the best was 92 for a day

[olddoc]

The British old age pension amounts to approx £140 a week but only if one has a full contribute record.

£140 would provide approx 7420 Bht today

I would not wish to attempt living on such a small income and there is no means of qualifying for an extension of stay without a greater income or 800,000 Bht which could be left in the bank.

The OP needs to recognise that unlike the UK no financial assistance or "free" healthcare is available in Thailand.

I suspect the OP has left it to late to make any worthwhile contribution to a pension scheme so he would be best advised to remain in the Oman for as long as possible and then return to the UK where a range of social benefits may be available.

[onthedarkside]

All the off topic posts about UK politics are being removed.

[delboy]

I was here on holiday in April 1985 and was getting 32-33 baht to the pound for travellers cheques. I also had money transferred over in January 1998 and got 91 baht to the pound.

[NancyL]

No, UK State pension is not enough for you to live on in Thailand.

Well you could survive on a very basic level until you have Medical or other financial probs.

Now with the High exchange rate of B53 it would give you say B20,000 a month.

In the years I have been coming to Thailand I have seen B22 and Over B100 to £.

And with prospect of next UK Gov being Labour I would not have long term faith in a High £.

john

Not enough to live in Thailand but enough to live in Blighty?

...yeah right....

20.000 is more than enough for a modest lifestyle.

...as for the vagaries of the exchage rate......'.in the long term we are all dead ....'

Thais don't think beyond next week....why us farangs have to torment ourselves all the time?

The Thais may not think beyond next week, but at least they get nearly free medical care. The OP wouldn't if he lived in Thailand. Big consideration for someone over age 65. It's not possible for someone age 65 to obtain a new health insurance policy here -- actually I think it's impossible for a foreigners over age 60 to buy into a new health insurance policy.

[onthedarkside]

Yet another flame post removed. Please try to stay on topic and answer the OP's specific question 'British Pension in CM - enough?'

[jjczap]

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No, UK State pension is not enough for you to live on in Thailand.

Well you could survive on a very basic level until you have Medical or other financial probs.

Now with the High exchange rate of B53 it would give you say B20,000 a month.

In the years I have been coming to Thailand I have seen B22 and Over B100 to £.

And with prospect of next UK Gov being Labour I would not have long term faith in a High £.

john

Not enough to live in Thailand but enough to live in Blighty?

...yeah right....

20.000 is more than enough for a modest lifestyle.

...as for the vagaries of the exchage rate......'.in the long term we are all dead ....'

Thais don't think beyond next week....why us farangs have to torment ourselves all the time?

The Thais may not think beyond next week, but at least they get nearly free medical care. The OP wouldn't if he lived in Thailand. Big consideration for someone over age 65. It's not possible for someone age 65 to obtain a new health insurance policy here -- actually I think it's impossible for a foreigners over age 60 to buy into a new health insurance policy.

I have looked into this - before you could not buy if over 60 - between 1-2 years ago they changed it to 65 - was also told you can get it up to 6 months after you turn 65 -- AIA, Bangkok Ins are a couple I talked to

[hellodolly]

No, UK State pension is not enough for you to live on in Thailand.

Well you could survive on a very basic level until you have Medical or other financial probs.

Now with the High exchange rate of B53 it would give you say B20,000 a month.

In the years I have been coming to Thailand I have seen B22 and Over B100 to £.

And with prospect of next UK Gov being Labour I would not have long term faith in a High £.

john

Not enough to live in Thailand but enough to live in Blighty?

...yeah right....

20.000 is more than enough for a modest lifestyle.

...as for the vagaries of the exchage rate......'.in the long term we are all dead ....'

Thais don't think beyond next week....why us farangs have to torment ourselves all the time?

The Thais may not think beyond next week, but at least they get nearly free medical care. The OP wouldn't if he lived in Thailand. Big consideration for someone over age 65. It's not possible for someone age 65 to obtain a new health insurance policy here -- actually I think it's impossible for a foreigners over age 60 to buy into a new health insurance policy.

Not so. I inquired at age 70 and was told that it was possible up to age 71 by two different companies. One was French and the other I believe English. It was around $1,650 U S a year and had a $2.000 deductible. With some pretty stringent conditions to get on it in the first place.

[iancnx]

OP do you have a lump sum? Are you planning on buying a condo? Or do you need to factor in rent for your home?

[BasilBrush500]

OP do you have a lump sum? Are you planning on buying a condo? Or do you need to factor in rent for your home?

Thank guys for all the helpful advice. I know I have left it a bit late to plan, but the years just seemed to have whizzed by. My wife is Thai, so that's why I am thinking of Thailand. I was thinking of buying a condo when relocating to Thailand.

What if I save a lump sum and buy a condo cash before I get there - I could maybe rent it out while I'm still saving the rials in Oman (but would that rent be taxable if I don't live there?).

Alternatively, where could I put say 2 million baht to get a monthly return rather than plow it into property? Could I for example pay now into UK private pension based on a lump sum deposit and regular monthly deposits from my earnings in Oman and draw whatever it accrues when 60 years young?? What if I am not UK resident now? (which I am not cos been away teaching for so long - 25 years)

Any of you guys got any ideas? Very grateful. Going back to UK and retiring is not an option for me. The weather and politicians there are not my cuppa - especially the weather.

[iancnx]

2m baht will buy you a studio maybe 45 sqm just a single room ensuite. Renting it might get you 10000 baht per month. This is under local income tax threshold.

Do you really want to live in a single room for the rest of your days?

You will be lucky to get 3% interest on a term deposit.

You will need to deposit 400,000 baht to get extension to stay in Thailand as a married man to Thai lady. This amount needs to be there every year for every annual visa extension.

It looks to me like you are under funded sorry to say. Personally anything under 40,000. Baht per month would impact on my comfortable but modest lifestyle. I have my own property. I don't pay rent. I own my truck and motorbike. I have no debt.

Edited February 21, 2014 by iancnx

[Beetlejuice]

No your UK state pension would not be enough to qualify for a retirement visa in Thailand. At this time you must prove an income of 65,000 baht/month. In 10 years - who knows ? Or you could keep 800,000 baht in a Thai bank, say in a mutual fund paying something like 3.5%.

Not true.

just evidencing receipt of the state pension for 3 months will get you a visa.

The problem comes with applying for an extension where you will need 800k/400k in the bank (retirement/marriage extension) or income of 40k/65k per month.

Brilliant. This means the OP has at least 3 months in Thailand before he`s out begging in the streets. He could be the shortest term migrant in history.

My advice to the OP is; save up your pension and if and when you can afford it, come over to Thailand for a holiday. These days living long term in Thailand requires money and lots of it, or in other words, it appears to be more funds than you have at your disposal or would qualify for long stay under the imposed terms of the Immigration department.

Also considering at 65 plus, it is not going to be easy to find employment here and your state pension will not be index linked once you leave the EEC, unless you plan to work until you are in your 90s to support yourself?

Sorry to sound so harsh, but these are the facts.

[personchester]

Lot to digest and comment about.

No your UK state pension would not be enough to qualify for a retirement visa in Thailand. At this time you must prove an income of 65,000 baht/month. In 10 years - who knows ? Or you could keep 800,000 baht in a Thai bank, say in a mutual fund paying something like 3.5%.

Finding work here in Thailand at 65. Difficult, far too many youngster expats looking to work cheap, even illegally without a Work Permit.

Your UK state pension will be paid even if you stay in Thailand, but any annual inflation increases will be frozen if you use a non UK postal address.

Your health - a big consideration if 65 and over. You will have no health cover from the UK system when living in Thailand. And unlikely you will qualify for any Thai scheme. There was a recent long discussion about that here on Thaivisa. But just assume you will have to pay out of pocket or buy health insurance which will be expensive if 65 and over, assuming you can even find a company to insure you here in Thailand.

British expats in Thailand get their state pension alright, but it will be frozen (no increase) because they are resident here, using a pension posting address in the UK will not help at all.

The frozen pension applies to where you live abroad, Thailand is part of the frozen UK pension, even if the pension is paid monthly into a UK bank, the pension is and will remain frozen.

[Suradit69]

I work in Oman now, and I could build up some pension other than UK old age pension

Depending on what work you are doing, and it sounds as if it might be in education, I believe the mandatory retirement age for men in Oman is 60. Not sure where the 65 that everyone is talking about comes from since I don't think you mentioned your current age, but if you are thinking in terms of working until 65 you might want to check with your employer. In the UAE you can get an exemption from the cut off but I think that only applies to tertiary educational institutions. Not sure about Oman.

[uptheos]

"Alternatively, where could I put say 2 million baht to get a monthly return rather than plow it into property?"

You might want to look at this Santander 3% for a million, it's got a couple of quirky conditions though. I'd sooner deposit a million with them at 3% than a Thai bank at 2.45%, even if their staff are ugly and grumpy.

http://www.moneysupermarket.com/savings/santander-123-current-account/

Edited February 21, 2014 by uptheos

[uptheos]

Lot to digest and comment about.

No your UK state pension would not be enough to qualify for a retirement visa in Thailand. At this time you must prove an income of 65,000 baht/month. In 10 years - who knows ? Or you could keep 800,000 baht in a Thai bank, say in a mutual fund paying something like 3.5%.

Finding work here in Thailand at 65. Difficult, far too many youngster expats looking to work cheap, even illegally without a Work Permit.

Your UK state pension will be paid even if you stay in Thailand, but any annual inflation increases will be frozen if you use a non UK postal address.

Your health - a big consideration if 65 and over. You will have no health cover from the UK system when living in Thailand. And unlikely you will qualify for any Thai scheme. There was a recent long discussion about that here on Thaivisa. But just assume you will have to pay out of pocket or buy health insurance which will be expensive if 65 and over, assuming you can even find a company to insure you here in Thailand.

British expats in Thailand get their state pension alright, but it will be frozen (no increase) because they are resident here, using a pension posting address in the UK will not help at all.

The frozen pension applies to where you live abroad, Thailand is part of the frozen UK pension, even if the pension is paid monthly into a UK bank, the pension is and will remain frozen.

I know a few people whom it has helped immensely.

They know the risks and are playing the odds......rule 1......don't discuss your pension with anyone!