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Pension draw down difficulty as an expat

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?
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  • eskbanker
    eskbanker Posts: 37,635 Forumite
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    Which pension provider is it?
  • Emmia
    Emmia Posts: 5,876 Forumite
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    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: 14,958 Ambassador
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    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.

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  • Bostonerimus1
    Bostonerimus1 Posts: 1,473 Forumite
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    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: 1,473 Forumite
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    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: 5,876 Forumite
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    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: 1,552 Forumite
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    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: 10,201 Forumite
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    Paşa said:
    Pension company is LV Liverpool Victoria. 
    Are they not able to suggest any way round this?  
  • DRS1
    DRS1 Posts: 1,400 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
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