JCB Pensioners - Pension Payments to Thai Bank Account?

[Jip99]

I am trying to help a friend sort out his pension payments from JC Bamford Lifeplan.

He has been told that the trustees of the scheme will only pay pensions into a UK bank account.

I find this to be quite restrictive (if true) and it will certainly become an even bigger issue when he dies and his wife becomes entitled to a widows pension.

I can't believe that he is only JCB pensioner in Thailand so can I ask if there any other JCB pensioners on this forum - is your pension paid to Thailand or the UK ?

[wjhall]

I think you will find the majority of UK company pensions can only be paid into Uk bank account. That is certainly the case with all of mine. Only exception seems to be Uk state pension and of course that dies with you.

[prakhonchai nick]

I think you will find the majority of UK company pensions can only be paid into Uk bank account. That is certainly the case with all of mine. Only exception seems to be Uk state pension and of course that dies with you.

My occupational pension can be paid direct to Thailand, although I prefer having it paid into my UK bank account.

Having assisted a good many Thai widows to claim their late husbands occupational pensions, they all receive their monthly stipends into their Thai bank accounts. If its good enough for widows, it should be good enough for the original pensioner.

[Suradit69]

If he has a Bangkok Bank account in Thailand, couldn't he have payments made to the London branch of Bangkok Bank ... using the existing account number of the account in Thailand?

Not sure about UK rules and regulations, but in the US transfers made to the Bangkok Bank branch in New York are deemed domestic transfers. Since the transfers I make require that my account name be exactly the same on the sending and receiving bank, not sure what the implications would be for his ( potential) widow.

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringIntoThailand/ReceivingFundsfromUK/Pages/ReceivingFundsfromUK.aspx

Edited January 10, 2016 by Suradit69

[Jip99]

I think you will find the majority of UK company pensions can only be paid into Uk bank account. That is certainly the case with all of mine. Only exception seems to be Uk state pension and of course that dies with you.

Absolutely not. In my experience most ca,. My occupational can, and perhaps a better example is the UK state pension where most people in Thailand I know have theirs sent here.

It is less of any issue now than it will be when he dies. His wife/widow is prohibited from having a UK bank account - so how will they deal with payment of the widows pension at that time ?

I was hoping to find a JCB pensioner living in Thailand who can share his experience.