We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Pension draw down difficulty as an expat

Options
Paşa
Paşa Posts: 3 Newbie
Photogenic First Post
in Pensions, annuities & retirement planning
I have a large private pension in the UK.  I reside abroad. HMRC are aware. 
My issue is my pension provider, who will not make any payments into a foreign bank account, only British. Has anyone experienced this problem, and if so what was their solution?
«1

Comments

  • eskbanker
    eskbanker Posts: 37,189 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Which pension provider is it?
  • Emmia
    Emmia Posts: 5,661 Forumite
    Fifth Anniversary 1,000 Posts Photogenic Name Dropper
    edited 29 July at 6:07PM
    Would they pay to an expat account like the one HSBC offers?

    https://www.expat.hsbc.com/international-banking/products/bank-account/
  • Brie
    Brie Posts: 14,733 Ambassador
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Transfer it off shore?  QROPS?
    I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards.  If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.

    Click on this link for a Statement of Accounts that can be posted on the DebtFree Wannabe board:  https://lemonfool.co.uk/financecalculators/soa.php

    Check your state pension on: Check your State Pension forecast - GOV.UK

    "Never retract, never explain, never apologise; get things done and let them howl.”  Nellie McClung
    ⭐️🏅😇
  • Bostonerimus1
    Bostonerimus1 Posts: 1,412 Forumite
    1,000 Posts Second Anniversary Name Dropper
    Brie said:
    Transfer it off shore?  QROPS?
    No! fees and expenses!
    And so we beat on, boats against the current, borne back ceaselessly into the past.
  • Bostonerimus1
    Bostonerimus1 Posts: 1,412 Forumite
    1,000 Posts Second Anniversary Name Dropper
    Paşa said:
    I have a large private pension in the UK.  I reside abroad. HMRC are aware. 
    My issue is my pension provider, who will not make any payments into a foreign bank account, only British. Has anyone experienced this problem, and if so what was their solution?
    Where do you live now and what contacts do you have in or with the UK. Ask if they will deposit to something like Wise, a Channel Island account or maybe you can open up an account with HSBC and get a UK account.
    And so we beat on, boats against the current, borne back ceaselessly into the past.
  • Paşa
    Paşa Posts: 3 Newbie
    Photogenic First Post
    Pension company is LV Liverpool Victoria. 
  • Emmia
    Emmia Posts: 5,661 Forumite
    Fifth Anniversary 1,000 Posts Photogenic Name Dropper
    Bostonerimus1 said:
    Paşa said:
    I have a large private pension in the UK.  I reside abroad. HMRC are aware. 
    My issue is my pension provider, who will not make any payments into a foreign bank account, only British. Has anyone experienced this problem, and if so what was their solution?
    Where do you live now and what contacts do you have in or with the UK. Ask if they will deposit to something like Wise, a Channel Island account or maybe you can open up an account with HSBC and get a UK account.
    As the OP isn't resident in the UK I think they'd need the HSBC expat account I linked to above - I think that account is operated out of Jersey. 
  • poseidon1
    poseidon1 Posts: 1,380 Forumite
    1,000 Posts First Anniversary Name Dropper
    Emmia said:
    Bostonerimus1 said:
    Paşa said:
    I have a large private pension in the UK.  I reside abroad. HMRC are aware. 
    My issue is my pension provider, who will not make any payments into a foreign bank account, only British. Has anyone experienced this problem, and if so what was their solution?
    Where do you live now and what contacts do you have in or with the UK. Ask if they will deposit to something like Wise, a Channel Island account or maybe you can open up an account with HSBC and get a UK account.
    As the OP isn't resident in the UK I think they'd need the HSBC expat account I linked to above - I think that account is operated out of Jersey. 
    They set a high bar to be eligible. Either £75k to invest with them or £120k salary or equivalent income . Can OP meet the criteria?
  • Silvertabby
    Silvertabby Posts: 10,142 Forumite
    10,000 Posts Eighth Anniversary Name Dropper Photogenic
    Paşa said:
    Pension company is LV Liverpool Victoria. 
    Are they not able to suggest any way round this?  
  • DRS1
    DRS1 Posts: 1,230 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Would something like this help?  Just something I found on the web - not something I have used or know anything about.

    SIPP for non-UK residents - MyExpatSIPP
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.6K Spending & Discounts
  • 244K Work, Benefits & Business
  • 599K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture