U.K. Sipp transfer

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Chuchi
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U.K. Sipp transfer

Post by Chuchi » May 30, 2019, 8:02 am

Does anybody know of a U.K. Sipp provider that allows pension income drawdown direct to a Thai bank, or any ideas that doesn’t need to be via a U.K. Bank .



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sometimewoodworker
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Re: U.K. Sipp transfer

Post by sometimewoodworker » May 30, 2019, 4:02 pm

Chuchi wrote:
May 30, 2019, 8:02 am
Does anybody know of a U.K. Sipp provider that allows pension income drawdown direct to a Thai bank, or any ideas that doesn’t need to be via a U.K. Bank .
What is the problem of going via a U.K. Bank?

If you use TransferWise with a borderless account you can pay directly into your TW account in London, you are then free to exchange it into Baht at any time and get it paid out to your Thai bank whenever it's convenient.

I would guess that most other ways will be a bit more expensive.
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Chuchi
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Re: U.K. Sipp transfer

Post by Chuchi » May 30, 2019, 6:24 pm

sometimewoodworker wrote:
May 30, 2019, 4:02 pm
Chuchi wrote:
May 30, 2019, 8:02 am
Does anybody know of a U.K. Sipp provider that allows pension income drawdown direct to a Thai bank, or any ideas that doesn’t need to be via a U.K. Bank .
What is the problem of going via a U.K. Bank?

If you use TransferWise with a borderless account you can pay directly into your TW account in London, you are then free to exchange it into Baht at any time and get it paid out to your Thai bank whenever it's convenient.

I would guess that most other ways will be a bit more expensive.
It’s not a problem for me at the moment Stww ,Luckily I still have a U.K. bank account.Im just trying to understand the logic as far as I’m aware it’s possible to have your state pension transferred direct into your Thai bank account so why not a personal pension, it must be a dilemma for people who wish to transfer a private pension to a Sipp to take advantage of a tax free lump sum who have no bank account in the U.K. and have resided abroad.As far as I’m aware they have the ability to open a Sipp account with a U.K. provider and transfer their pension across but wouldn’t be able to draw from it?

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sometimewoodworker
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Re: U.K. Sipp transfer

Post by sometimewoodworker » May 30, 2019, 8:11 pm

Chuchi wrote:
May 30, 2019, 6:24 pm

It’s not a problem for me at the moment Stww ,Luckily I still have a U.K. bank account.Im just trying to understand the logic as far as I’m aware it’s possible to have your state pension transferred direct into your Thai bank account so why not a personal pension, it must be a dilemma for people who wish to transfer a private pension to a Sipp to take advantage of a tax free lump sum who have no bank account in the U.K. and have resided abroad.As far as I’m aware they have the ability to open a Sipp account with a U.K. provider and transfer their pension across but wouldn’t be able to draw from it?
With a TransferWise boarderless account you have a UK bank account as TW are a bank and provide a UK Bank receiving account.

The government payment of overseas pensions uses a mechanism similar to TransferWise. Personal pension payments may not have access to that kind of mechanism as they are significantly smaller so may have to do SWIFT transfers that you as the recipient would have to pay, and they may well not be setup for that kind of payment.

I do happen to know that one of the major pension providers does have the ability to pay pensions directly to a Thai bank account, I have no idea if it reduces the amount paid as I elected to have my pension paid into my UK account.

So you can have payments made into your UK TransferWise Bank account, then withdrawn it wherever you like so that means that you certainly can receive payments.

I have no idea if opening a SIPP is available if you are not a U.K. Resident. You should probably get independent financial advice.
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Chuchi
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Re: U.K. Sipp transfer

Post by Chuchi » May 30, 2019, 9:27 pm

Cheers Stww

Transferwise borderless account looks interesting,AJ Bell allow U.K. non resident but will only transfer into a U.K. bank .

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sometimewoodworker
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Re: U.K. Sipp transfer

Post by sometimewoodworker » May 30, 2019, 9:54 pm

Chuchi wrote:
May 30, 2019, 9:27 pm
Cheers Stww

Transferwise borderless account looks interesting,AJ Bell allow U.K. non resident but will only transfer into a U.K. bank .
The sort code for TransferWise is 23-14-70
You receive an account number for receiving £ to your account.
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