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Pension draw down difficulty as an expat
Paşa
Posts: 3 Newbie
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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Comments
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Which pension provider is it?0
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Would they pay to an expat account like the one HSBC offers?
https://www.expat.hsbc.com/international-banking/products/bank-account/0 -
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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Check your state pension on: Check your State Pension forecast - GOV.UK
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No! fees and expenses!Brie said:Transfer it off shore? QROPS?And so we beat on, boats against the current, borne back ceaselessly into the past.0 -
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.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?And so we beat on, boats against the current, borne back ceaselessly into the past.1 -
Pension company is LV Liverpool Victoria.0
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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.Bostonerimus1 said:
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.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?0 -
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?Emmia said:
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.Bostonerimus1 said:
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.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?0 -
Are they not able to suggest any way round this?Paşa said:Pension company is LV Liverpool Victoria.0 -
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 - MyExpatSIPP0
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