The Best way to receive UK government pension in Thailand

Post by **Photoman** » July 11, 2015, 2:39 am

I'm not sure if this is in the correct area , but here goes .....

UK government pension : what would be the best way to access it , have it paid into my Thai account , weekly or Monthly or have it paid into my UK account and draw the cash with a card in Thailand .

Thanks

Post by **BobHelm** » July 11, 2015, 6:50 am

I moved this to the Money Forum Photoman as I thought that you might get some better responses here.

Personally I have mine paid every 4 weeks (not monthly) into my UK Bank account.
I am sure that is not the absolute smartest way from just taking how to get your UK pension paid here. However, weighed up with other financial & personal factors in my life, it is actually the best way for me to get it done.

I am told that if you do get the Government to pay directly into your Thai bank account in baht then they give you a very good rate of exchange. Maybe someone who has that done will confirm for you.

As there will be a number of charges (hidden or otherwise) in using a foreign ATM card in Thailand then purely from a financial viewpoint payment direct by the Government should be the best option.

Post by **Brian Davis** » July 11, 2015, 7:44 am

If any help, I recently qualified for my UK state pension. Because I live permanently in Thailand, I've chosen that all my income (work and state pensions) from the UK is transferred to my Thai bank account. No assets left in the UK, bar one small bank account, so seemed sensible to have everything here and simplify what needs to be done when a buffalo tramples me! So, it's my personal situation.

On exchange rates - I've entitled to more or less 500 pounds every 4 weeks. My first 4-weekly payment transferred on 16th June and generated 25,685 Thai baht. I think the exchange rate was particularly high then, but those with better understanding can calculate whether that's good or not. I have, of course, a Thai ATM card to withdraw money when I need.

Incidentally, the gross state pension figure is paid. My understanding is that the tax will be taken by adjusting my work pension pensions.

Post by **BobHelm** » July 11, 2015, 7:50 am

Brian Davis wrote:Incidentally, the gross state pension figure is paid. My understanding is that the tax will be taken by adjusting my work pension pensions.

Correct Brian.
The Revenue adjust your tax code (down

) & then send that to your personal pension provider(s). So the adjustment is made automatically.

Post by **Photoman** » July 12, 2015, 12:38 am

Thank you Bob and Brian

Post by **747man** » July 12, 2015, 12:09 pm

I Get My State Pension paid DIRECT into my Thai Bank account every 4 Weeks & Find I Get More or Less the TT Rate on the day it leaves the U.K....Hope this helps !!

* TT = Telex Transfer.......

Post by **Photoman** » July 12, 2015, 1:59 pm

It does help , Thanks 747man

Post by **747man** » July 12, 2015, 3:44 pm

Photoman wrote:It does help , Thanks 747man

You're Welcome, Mate...

Post by **bignote1** » July 17, 2015, 9:55 pm

The Future of Retirement

http://www.ft.com/cms/s/2/fad5f8da-e82d ... z3g9zsK66v

YouTube · Post by **choi choi** » May 22, 2019, 10:55 am

Old Post I know but nothing changed since then!
A Google check tells me standard UK Pension is 168.60 a week!
Mine is 99.25! Thats a loss of 275 pound a month.Through non payment of increases
I found this bit of news, apparently if I go back UK can recover curreny pension payments.......

"Expats who come back to the UK, whether for a short visit or for good, get their state pension uprated back to the full amount again if they apply to the DWP service centre."
Also, The Labour party wants to abolish frozen pensions!
I cant vote anyway!

Post by **pal52** » May 22, 2019, 11:10 am

I think you have to stay in the UK for 6 months to get the pension uprated.

Post by **Old Grumpy** » May 22, 2019, 4:09 pm

pal52 wrote: ↑
May 22, 2019, 11:10 am
I think you have to stay in the UK for 6 months to get the pension uprated.

It is only uprated whilst you are in the UK, once you leave again it reverts to what it was previously when you first left .

Post by **Hoopoe** » May 22, 2019, 4:20 pm

Old grumpy is correct , that is how it reads on the benefits pages , (benefits my ass it's an entitlement for contributions over the years ) according to the rules ,once you are in the UK you have to notify DWP to gain the yearly increases , or to be paid all the increases since you left , BUT if you leave again ,you will revert back to the original payment , THIS is for those that are unlucky enough to have retired to a country under the nonsense rules ,

Post by **Hoopoe** » May 22, 2019, 4:24 pm

We all got side tracked from the OP , as far as i know most people i know get it paid direct into their Thai bank accounts , once every 4 weeks ,i'm not there yet so have not done any research into it ,