Brexit Retirement Pension Effect

[GuestHouse]

Getting back to the OP's question. (wrt UK state pensions).

Clearly the exchange rate is an issue, but there are other concerns you need to consider.

Prior to the referendum there was growing consensus that expat British pensioners ought to be treated fairly and receive annual pension increase, that the injustice of frozen pensions should be removed. I believe it fair to say that even disregarding the inward looking turn the UK has taken, there will be neither an appetite or time on the parliamentary calendar to address fair pensions - I think we can now say goodbye to any chance of pension injustice being addressed anytime soon, if ever.

The second issue only really effects pensioners if they are actually receiving annual increases, there is growing disquiet amongst people who are not pensioners regarding the triple lock that provides for very generous annual pension increases. I strongly suspect this is now under threat and I would not be at all surprised if the triple lock is abandoned.

[Dan5]

Many will not qualify, but what is most concerning is worldwide inflation rising, combined with the possibility of many currencies being devaluated which could affect everyone. Bank stocks currently are bleeding red! The loss of jobs worldwide, low interest rates for many years have had an affect on deposits. Many customers got turned off with the low interest rates and put their money elsewhere.

Inflation??? Your kidding, right? The biggest problem throughout the developed world right now is deflation and the threat of deflation. The EU has been on the edge of deflation for quite a while now, and once it starts, deflation very difficult to stop. Look at Japan. What the world need right now is a little inflation.

But in any case a few days don't mean much. The markets are reacting very strongly, which is common when anything unexpected happens. The pound could be a lot stronger a month from now or even a week from now.

[MobileContent]

I just can't believe that due to the drop in Sterling every UK citizen has to leave now Thailand.

I am sure many retirees in Thailand still have overseas investments and some cash put aside for days when it is needed and they can use it to topup their funds to either 400 or 800k or a combination of cash and monthly pensions.

[overherebc]

I just can't believe that due to the drop in Sterling every UK citizen has to leave now Thailand.

I am sure many retirees in Thailand still have overseas investments and some cash put aside for days when it is needed and they can use it to topup their funds to either 400 or 800k or a combination of cash and monthly pensions.

I'm sure you're right, but, there are some who stay here under circumstances that are different.

It's probably not allowed to discuss it here on TV so ask around and you will find out.

[Eclipse]

They can still qualify using the combination method.

For example, pension of 600K plus Thai bank account of 200K meets the requirement.

Only for retirement.

Not for marriage.

[Thaidream]

The exit from the EU is not going to be done quickly or maybe not at all. Firstly, Mr Cameron has said he will not trigger Article 50 which must be done to start the exit negotiations. In addition, for the exit to occur- I believe the British Parliament must approve it- both houses. And then there is the issue of the Scottish and Northern Ireland contingents possibly being able to block the exit. There also maybe a dissolution of Parliament which would mean a new vote and a new Parliament may not approve either and a new PM may never trigger Article 50. The exit time frame is 2 years and even if triggered- the other 27 EU nations have to approve the exit terms by a vote of their populations. I cannot imagine the markets continuing in turmoil for 2 years while all this plays out. At some point the markets will figure out that there is a long road ahead before any exit and possibly no exit. The pound will start to come back but it will have its good and bad days dependent upon what happens and who is involved.

As an American- I want to see the Pound recover because it affects so many British expats who have set down homes and families overseas-especially those on fixed incomes. No one should be happy at another person's suffering. In addition- the spectre of Donald Trump becoming President of the US also casts a shadow over everything. If he ever became President there would be a massive market meltdown for both stocks and currencies to include the Dollar, Pound and Euro. I, for one, won't let that happen.

[GuestHouse]

As an American- I want to see the Pound recover because it affects so many British expats who have set down homes and families overseas-especially those on fixed incomes. No one should be happy at another person's suffering.

Thank you.

It is very seldom that we read anything on TVF that comes near to the generosity of spirit expressed in the above quote.

[KNJ]

The only thing that can be said with certain is that we are in for change and volatility, there will be ups as well as downs, until article 50 is triggered this will continue more so.

What must be more of a concern is for Europe, and the whole EU is running a deficit. If it were a company it would be near bankruptcy as the books are not balanced and the deficit grows larger.

Without the UK paying into the coffers, the rest of Europe will have to cough up the 12.5% that UK currently contribute, and 18% of the EU GDP. Where on earth are they going to get that?

Greece will eventually default on at least part if not all of the money lent. Resentment to immigration continues in multiple right wing parties, Holland, Sweden Austria and Denmark (all positive contributors) are fast approaching a point where the political right increase their voice and whilst not imminent may call for a referendum on staying in the EU.

It was mentioned about European pensions, and that legislation is on the cards and the poorer nations will be financed by the richer ones. This will have a huge effect on the Dutch ( as well as British, had they remained,) because of their structure of pensions.

The whole experiment is too costly.

[Caspersfriend]

Is it possible that it could be overturned, before it's ever signed, sealed and delivered?

Brexit loophole? MPs must still vote in order for Britain to leave the EU, say top lawyers

http://www.independent.co.uk/news/uk/politics/brexit-loophole-eu-referendum-mps-law-legal-legislation-constitution-a7105181.html

Any such vote would take place under a new PM.

[billd766]

In the past 20 years the British pound has varied between 35 and 75.

No new records are being set. If you are that close to the edge, you shouldn't be living here.

Now at 47, I'm surprised it isn't much lower with all the turmoil the remainers are causing.

T/T for Kasikorn under 46 this morning.

Not according to my TT for Kasikorn it isn't.

https://daytodaydata.net/default.aspx

Bank foreign currency exchange rates

To: Currency type:

From: The date & time now is 2016-06-28 05:23:35 UTC. All times are expressed in UTC.

For approximate ATM rates, select the TT currency type. See also Mastercard rates, Visa USA rates and Visa Europe rates.

Currently this web site covers banks in Thailand. Banks in other countries may be covered in future if there is enough demand.

Some non-bank money exchangers have been included for comparison purposes and to help those who wish to exchange foreign currency notes.

Bank Country Updated by bank Update

no.

From To Rate Quantity

* rate

Inverse

of rate

Chart Bangkok Bank Thailand 2016-06-28 04:00 (84 min ago) 2 GBP THB 46.6075 46.608 0.021456 Chart TMB Thailand 2016-06-28 04:39 (45 min ago) 4 GBP THB 46.605 46.605 0.021457 Chart CIMB Thai Thailand 2016-06-28 04:38 (46 min ago) 3 GBP THB 46.4915 46.492 0.021509 Chart Krung Thai Bank Thailand 2016-06-28 02:20 GBP THB 46.46875 46.469 0.02152 Chart Siam Commercial Bank Thailand 2016-06-28 04:04 (80 min ago) GBP THB 46.45625 46.456 0.021526 Chart Bank of Ayudhya Thailand 2016-06-28 02:50 (154 min ago) 3 GBP THB 46.37959 46.38 0.021561 Chart UOB Thailand 2016-06-27 17:00 3 GBP THB 46.355 46.355 0.021573 Chart Kasikorn Bank Thailand 2016-06-28 03:15 (129 min ago) 3 GBP THB 46.21813 46.218 0.021637 Chart Government Savings Bank Thailand 2016-06-28 01:44 1 GBP THB 46.21 46.21 0.02164 Chart

Percentage difference between minimum and maximum exchange rates above = 0.86% Average bank exchange rate from data above: 1 GBP = 46.4213022 THB

[billd766]

In the past 20 years the British pound has varied between 35 and 75.

No new records are being set. If you are that close to the edge, you shouldn't be living here.

Now at 47, I'm surprised it isn't much lower with all the turmoil the remainers are causing.

With Nigel Farage lying about exchange rates saying that Brexit was having no effect on exchange rates. When on the day the referendum was announced the GBP rate went from 54 Baht to the pound (The Baht follows the US dollar closely) to 50 Baht to the GBP and recovering slightly to 52 when opinion polls showed remain in front and then going in to freefall after the referendum result was announced and now at 46 Baht to 1 GBP

Boris Johnson (a Donald Trump lookalike and about as trustworthy) lying about what they would do with immigration and now after the event admitting that they will not lower immigration.

Various leave spokespersons saying Brexit would be good for the economy and now the future of the deal to save the steelworks is in jeopardy, stock markets round the world are in freefall putting more jobs at risk and some of the bankers are getting ready to leave London.

And this is mainly the fault of the leave camp !!!!!!

When Britain went to war to defeat Germany in 1938, did everyone worry about the cost of their freedom?

Or even the risk to their life?

Didn't someone else start that war in 1938 and we just joined in?

I think it was a short bloke, had a moustache, used to be a house painter, Austrian I believe. He used to get mistaken for Charlie Chaplain a lot.

[12DrinkMore]

I am not on retirement extentions, but surely this is something Thai authorities could take into consideration over the Brexit issue.

Thailand could easily instruct all their IOs to allow for this. But they won't and that's another reason why we are not "guests" in this country.

Why should they?

THB is the currency in Thailand.

You cannot expect the immigration laws to be changed due to exchange rates. Ridiculous.

Actually we are all "guests", even those with "Permanent Residence".

[elgordo38]

it will effect but the pound has fallen lower before pre Brexit. I am hoping the once the speculators have made their dosh they bump the £ up again but lie others, I must suffer for now.

The greedy speculators are running the world and ruining our finances. There is to much speculation in the world and that is why we are in trouble.

[Johnyo]

I didn't bury my head in the sand and saw the drop coming so I TX'ed enough money to last me for the next 18 months ....hopefully by the time I need another injection of cash the exchange rate will have found a happy medium. :-) .

I really hope the EU implodes

Your compassion for pensioners who depend on EUR is commendable. What do you care what happens to the EU? You should be happy you're out and leave it at that.

Be careful what you wish for you nasty little man.

Edited June 28, 2016 by Johnyo

[NoshowJones]

I am not on retirement extentions, but surely this is something Thai authorities could take into consideration over the Brexit issue.

Thailand could easily instruct all their IOs to allow for this. But they won't and that's another reason why we are not "guests" in this country.

Why should they?

THB is the currency in Thailand.

You cannot expect the immigration laws to be changed due to exchange rates. Ridiculous.

Actually we are all "guests", even those with "Permanent Residence".

Yes, you are right, I was wrong. But your last sentence is garbage, I still say we are not "guests" in this country, only tolerated.

[nakhonandy]

Based on the original question if they are here on just a state pension they never qualified for retirement, the state pension is too low. They might just about scrape through for marriage. I base this on what a friend gets as his full state pension.

It would have to be a combination of pension and bank balance, so nothing really has changed.

[hugh2121]

My extension was due to expire in July but I decided to renew last Tuesday (21 June). I use the Letter based on Pension Income method).

Had I waited until Friday my income would not have met the minimum level, dispite being "comfortably ove the minimum 4 days earlier.

There is a double "whammy" for Brits that use QROPS as well. First the Pension fund held in QROPS will reduce in value when it is next reviewed, resulting in a lower income, and secondly the lower (much) rate of Exchange has the second impact.

I do not see this improving in the near future.

Yes, many people seem to think that the £ will recover quickly. Like you, it seems, I do not. Why should it? The damage has been done. However, if there was a second referendum........

[nakhonandy]

My extension was due to expire in July but I decided to renew last Tuesday (21 June). I use the Letter based on Pension Income method).

Had I waited until Friday my income would not have met the minimum level, dispite being "comfortably ove the minimum 4 days earlier.

There is a double "whammy" for Brits that use QROPS as well. First the Pension fund held in QROPS will reduce in value when it is next reviewed, resulting in a lower income, and secondly the lower (much) rate of Exchange has the second impact.

I do not see this improving in the near future.

Yes, many people seem to think that the £ will recover quickly. Like you, it seems, I do not. Why should it? The damage has been done. However, if there was a second referendum........

What keep having referendums until YOU get what you want, as opposed to the majority that voted?

Democracy at its finest!

[Krataiboy]

Yes.

Many will not now qualify for 12 month extensions.

That's got to really suck. I wonder if there are countries in SE Asia other than Cambodia that are an option?

No. They should go home and help make Britain great again.

What - and become a drain on a British economy already reeling from the after-effects of Brexit? I can imagine the reaction from the Exchequer if hundreds of thousands of impoverished retirees living overseas suddenly returned to their homeland to demand a full pension at last (mine was frozen at the level I received 18 years ago), free use of the health service (which now charges us 150 percent of the cost of treatment if we need it on visits to the UK), plus free education for our kids, and all the other benefits we have not had since leaving Blighty..

As for us helping make Britain great again, I would argue that my generation did their bit during and after the war, enduring conditions and a living standard that the mollycoddled masses who inhabit our island today cannot even begin to imagine. How do you imagine we felt as we saw our efforts to rebuild our shattered nation squandered by successive inept governments, who eventually sold us out to the EUrocrats.

I am personally delighted that my homeland has decided to leave the United States of Europe, which has evolved from its original purpose as a trading bloc into an instrument for political domination of its member states US-controlled trade globalisation. It is now up to indigenous Brits - unlike me and many other expats - - who were eligible to vote in the referendum to make the most of the chance forge a new and better future.

In return, I promise not to bang on any more about an uplift to my frozen pension!

[Ricardo]

The effect of the Sterling-fall following the vote for Brexit, will reduce the value of my eventual government/private pensions by 10%, but like many (not all) other British-citizens I can use my other investments to cover my Thai Immigration banking-requirements every year.

I would be more concerned as to whether the UK-government pension will ever be paid, or can be maintained once it starts, due to its being totally-unfunded except by new/existing UK-taxpayers contributing to it ... what used to be known as a Pozi-scheme, until governments world-wide began to rely upon the system !

[thai3]

In the past 20 years the British pound has varied between 35 and 75.

No new records are being set. If you are that close to the edge, you shouldn't be living here.

Now at 47, I'm surprised it isn't much lower with all the turmoil the remainers are causing.

It used to be 8 baht for a pound in the 19th cent, we are lucky

[MissAndry]

I would argue that my generation did their bit during and after the war, enduring conditions and a living standard that the mollycoddled masses who inhabit our island today cannot even begin to imagine. How do you imagine we felt as we saw our efforts to rebuild our shattered nation squandered by successive inept governments, who eventually sold us out to the EUrocrats.

If you contributed anything to WW2, you would need to be 90 years old.

It seems you are trying to join a previous generation, unfortunately some of us can add up.

[Fairynuff]

My extension was due to expire in July but I decided to renew last Tuesday (21 June). I use the Letter based on Pension Income method).

Had I waited until Friday my income would not have met the minimum level, dispite being "comfortably ove the minimum 4 days earlier.

There is a double "whammy" for Brits that use QROPS as well. First the Pension fund held in QROPS will reduce in value when it is next reviewed, resulting in a lower income, and secondly the lower (much) rate of Exchange has the second impact.

I do not see this improving in the near future.

It's all about confidence in the end. If the country starts pulling together things should start to improve. However, seeing the constant whinging by the "Remain" voters makes me doubt that the nation will be able to unite to see this through. It's almost as though they want the country to go to the dogs just to prove themselves right.

I honestly wouldn't be surprised to see a second referendum.

What exactly are they whingeing about? The fact that the Leave campaign told blatant lies? The fact that Remain said the £ would collapse? ( it is doing) The fact that the markets didn't want it and reacted as Remain said they would? Or just the fact that Leave have well and truly f*****d the country

[robertson468]

Exchange rates have already started a gentle rise in favour of the £. No doubt it will fluctuate a little over the next month, but hopefully the markets will have gotten over the manic jitters by then and rationalized the positive way forward for Great Britain, without a millstone around it's neck!

[connda]

Probably not. If the BP and Euro go to parity with the USD, than your in the exact same boat as the Yanks. If you have a problem, you probably did not read the parable of the Ant and the Grasshopper, then ask yourself why your weren't socking a portion of your disposable income into a fixed interest Thai savings account for a rainy day. Opps. Here come the thunder clouds.

Anyway, don't worry too much. The financial and political elite class is simply attempting to scare the hell out of everyone. Look! And it works!

[Fairynuff]

My extension was due to expire in July but I decided to renew last Tuesday (21 June). I use the Letter based on Pension Income method).

Had I waited until Friday my income would not have met the minimum level, dispite being "comfortably ove the minimum 4 days earlier.

There is a double "whammy" for Brits that use QROPS as well. First the Pension fund held in QROPS will reduce in value when it is next reviewed, resulting in a lower income, and secondly the lower (much) rate of Exchange has the second impact.

I do not see this improving in the near future.

Yes, many people seem to think that the £ will recover quickly. Like you, it seems, I do not. Why should it? The damage has been done. However, if there was a second referendum........

What keep having referendums until YOU get what you want, as opposed to the majority that voted?

Democracy at its finest!

Democracy based on blatant lies and misinformation. Within hours #Leave backtracked and in doing so admitted they lied. Hardly what an intelligent person would call democracy

[nakhonandy]

My extension was due to expire in July but I decided to renew last Tuesday (21 June). I use the Letter based on Pension Income method).

Had I waited until Friday my income would not have met the minimum level, dispite being "comfortably ove the minimum 4 days earlier.

There is a double "whammy" for Brits that use QROPS as well. First the Pension fund held in QROPS will reduce in value when it is next reviewed, resulting in a lower income, and secondly the lower (much) rate of Exchange has the second impact.

I do not see this improving in the near future.

Yes, many people seem to think that the £ will recover quickly. Like you, it seems, I do not. Why should it? The damage has been done. However, if there was a second referendum........

What keep having referendums until YOU get what you want, as opposed to the majority that voted?

Democracy at its finest!

Democracy based on blatant lies and misinformation. Within hours #Leave backtracked and in doing so admitted they lied. Hardly what an intelligent person would call democracy

Lets be fair both sides lied. Both campaigns were flawed.

Intelligent people work out what is true and what is not.

Then make their decision.

[Naam]

I didn't bury my head in the sand and saw the drop coming so I TX'ed enough money to last me for the next 18 months ....hopefully by the time I need another injection of cash the exchange rate will have found a happy medium. :-) .

I really hope the EU implodes

an EU implosion will of course improve the GBP/THB exchange rate

[al007]

My extension was due to expire in July but I decided to renew last Tuesday (21 June). I use the Letter based on Pension Income method).

Had I waited until Friday my income would not have met the minimum level, dispite being "comfortably ove the minimum 4 days earlier.

There is a double "whammy" for Brits that use QROPS as well. First the Pension fund held in QROPS will reduce in value when it is next reviewed, resulting in a lower income, and secondly the lower (much) rate of Exchange has the second impact.

I do not see this improving in the near future.

Yes my Uk pension in batt values has dropped

However my QROPS is self invested, and mainly in USA equities, so hopefully will maintain value in pound terms, well in fact it goes up but then the batt comes down

[ozyjon]

The exchange rate for Baht to £ has dropped quite dramatically from Friday on, but many Brits feel that the fall in £ Sterling is a temporary glitch. Let's hope so.

Many some economists i have been following point to a much bigger picture,

they predict the US and Obama for the mother of all financial crisis looming

ahead, the banks and financial institutions are severely over inflated and the

deflation will occur before the end of the year, remember i'm not pointing my

finger at anyone or going ha-ha i told you so, i'm listening to wise people telling

it how it is because i'm in the same boat as many and now i'm turning to

survival mode,, hints can't come fast enough, time to act.