Has anyone retired to a non EU country ?

frugal_dougal_3

I would like to have information from anyone who has emigrated to a non EU country and is drawing a private pension or has some other form of income payable to them from the UK.

I would like to know the best way of transferring this regular payment overseas.
Does the pension/payment have to be paid from the organisation making the payment into a UK bank and then transferred from there to a foreign bank, or is there some simpler way of doing it.

I would appreciate any information. Thank you.

Pal

Not sure to be honest, but UK pension schemes will normally either insist on paying to a UK bank. The few that will pay to an overseas bank will deduct the charges they pay from the payment.

If you don't have a bank account they may send you a monthly cheque but the charges on cashing and converting that will probably be higher than paying any transfer charges.

One final option is to ask your pension scheme whether they will pay you 6 monthly in arrears instead of (usually) monthly. If you can survive the first 6 months (usually using any cash sum you have received when you retired) then you can cut down on any fixed transfer or conversion charges.

frugal_dougal_3

Pal wrote:

One final option is to ask your pension scheme whether they will pay you 6 monthly in arrears instead of (usually) monthly. If you can survive the first 6 months (usually using any cash sum you have received when you retired) then you can cut down on any fixed transfer or conversion charges.

Thanks Pal.

That's one possible idea I hadn't thought of.

Cardew

Do the Government still place restrictions on UK pensions paid to persons residing some non-European Countries?

What are the Tax implications for a UK pension being paid direct to a non EU country?