what to do about pensions

aa88 · #1 (**permalink**) 3rd January 2008, 10:07 AM

I was wondering how other people using this forum are managing, or plan to manage their UK pension. Do you transfer your pension to where ever you are or is there some way it can be paid from a UK scheme to a bank account in another country?

I would be very grateful of any information or experiences people have about this.

many thanks

sloopskipper · #2 (**permalink**) 3rd January 2008, 06:31 PM

Quote:

Originally Posted by aa88

I was wondering how other people using this forum are managing, or plan to manage their UK pension. Do you transfer your pension to where ever you are or is there some way it can be paid from a UK scheme to a bank account in another country?

I would be very grateful of any information or experiences people have about this.

many thanks

I am not sure how relevant my situation is, but I have my company pension and my U.S. Social Security benefit direct deposited into my brokerage account in the U.S., but I could do almost the same thing with a commecial bank.

I have a U.S. mailing address with a mail forwarder, and a domestic telephone number, via Skype. With these things I can maintain my U.S. credit cards, use electronic bill-pay for U.S. bills, and wire money to my bank in my current country, to pay local bills. I don't really trust the banking system in Central America and only keep enough cash here for ATM cash, and a bit of cheque writing.

I would imagine that you could do the same in the UK.

kaz101 · #3 (**permalink**) 3rd January 2008, 09:49 PM

Quote:

Originally Posted by aa88

I was wondering how other people using this forum are managing, or plan to manage their UK pension. Do you transfer your pension to where ever you are or is there some way it can be paid from a UK scheme to a bank account in another country?

I would be very grateful of any information or experiences people have about this.

many thanks

Hi AA88,

We have moved to Australia from the UK on a permanent visa and we are in the process of transferring all our pensions (company, NHS and private) across to Australia. It has to go to a qualified pension (superannuation) in Australia. If you leave them in the UK then they can be seen as foreign investments and may have to pay Australian tax on them. If it not transferred within 6 months then it can also be taxed (and we are trying to get ours in before the 6 months are up but it will be close!).

Once you start getting your UK pension then it can be paid abroad or in the UK, and it will be frozen at that figure. I believe it will also be taxed in Australia.

However I am not a tax expert so you may want expert advice.

Regards,
Karen

synthia · #4 (**permalink**) 4th January 2008, 10:02 AM

Getting a US number via Skype! What a great idea! Every time I come back I get a prepaid phone number, but it's always changing, and I cancel it when I leave. A Skype number would stay the same and make some things easier. Thank you, sloopskipper. The rest of my financial arrangements are similar to yours.

I would have expected the Panamanian banking system to be fairly efficient, since they handle all that drug money, or at least used to.