Work private pension withdrawal to UK bank account

andy_stay

I am 45 years age. I can withdraw workplace private pension at age 55. The pension can only be withdrawn to UK bank account. I am moving abroad permanently in few weeks, and UK banks will close my account if I live abroad forever. I don't have any family in UK to give their address to banks so banks won't close my account.

How can I withdraw workplace pension after 10 years if I don't have UK bank account?

xylophone

I am moving abroad permanently in few weeks, and UK banks will close my account if I live abroad forever.

https://www.nationwide.co.uk/support/support-articles/apply-activate/nationwide-customers-living-and-or-working-abroad

I wonder would it be worth opening a Nationwide current account before you move?

Thrugelmir

andy_stay wrote: »

How can I withdraw workplace pension after 10 years if I don't have UK bank account?

Arrange for it to be paid abroad.

xylophone

Arrange for it to be paid abroad.

Apparently not as easy as it sounds........
http://www.telegraph.co.uk/expat/money/uk-banking-options-narrowing-for-british-expats/
Although expats can open accounts with banks in their new homes, some have UK-paid pensions that will only pay into a British bank account.

andy_stay

My pension is with Aegon (Retiready) and they will only send pension funds to UK bank account only.

AlanP_2

I guess this is a DC pension pot. You could transfer away from Aegon to a provider that can accomodate your needs.

andy_stay

1. Does anyone know which private Pension provider in UK will send funds to overseas bank at age 55?

2. Is it allowed for me to change my pension provider within UK? How do I go about it?

newatc

I don't know where you are emigrating to but it should be possible to transfer the pension out to a provider before you reach 55 as another option.
On the Nationwide option, I can confirm that my daughter has lived abroad for 10 years and still uses her Nationwide account on a regular basis.

andy_stay

newatc wrote: »

I don't know where you are emigrating to but it should be possible to transfer the pension out to a provider before you reach 55 as another option.
On the Nationwide option, I can confirm that my daughter has lived abroad for 10 years and still uses her Nationwide account on a regular basis.

So your daughter uses UK debit card abroad on regular basis, I think the fees of using debit card abroad is very high.
I will call Nationwide and ask if they will let me keep account with overseas address and send the debit card etc to overseas address when renewed

redux

andy_stay wrote: »

I am 45 years age. I can withdraw workplace private pension at age 55. The pension can only be withdrawn to UK bank account. I am moving abroad permanently in few weeks, and UK banks will close my account if I live abroad forever. I don't have any family in UK to give their address to banks so banks won't close my account.

How can I withdraw workplace pension after 10 years if I don't have UK bank account?

I'm not sure why you are worried about aacounts closing.

Two people I know have lived abroad for about 25 and 20 years, and still have their original UK accounts from more than 30 years ago.

I don't know how often they have transactions on there, whether anything is needed to keep them ticking over. But I assume that the foreign address is known about.

I suggest a chat with your existing bank, then look for new candidates if necessary.

andy_stay

Does anyone know which uk private pension provider will send funds
to overseas bank at the time of withdrawal at age 55?