State pension ( British )

[Jack Peterson]

37 minutes ago, graham59 said:

Has anyone asked for their UK State Pension to be paid into a Philippines bank account during the past couple of years ?

If so, how did the process go ? 

 Yep and it is so simple, You tell your PI bank what you want to do, They give you the numbers you  require Swift and another Code (Routing I think they call it) send theses + your bank name,  Account name, account number and bank address to the DWP and they will deal with it, you should however send the details over land/ Registered mail or courier as DWP will not accept Internet instructions. Try and give a date for all as the crossover time may mean a halt in pensions getting to your PI bank Hope it goes well for you as I have had very few problems and they, are usually connected to Bank Holidays

 Most importantly. Use your NI number always as your Reference as well as your name

 

Jack

Morning All

[graham59]

Thanks Jack. That is most helpful of you. 

Naturally I have been hesitant before committing to such a course of action, as the last thing I'd want to do is  screw up my current 'guaranteed' money supply !  

 

[Jack Peterson]

1 minute ago, graham59 said:

Thanks Jack. That is most helpful of you. 

Naturally I have been hesitant before committing to such a course of action, as the last thing I'd want to do is  screw up my current 'guaranteed' money supply !  

 

 OK but if you need any help just Shout 

[Clermont]

Just a little add on, when paying pensions into an overseas account, the exchange rate of the day applies. 

[hk blues]

6 hours ago, jrlee183 said:

Hi Steve,

Only just seen this post.  The reason why your pension is different from others will almost certainly be due to you being a different age to the other members and different rules applying.  At 44 years you should be fully funded, so no more contributions required.  It will also depend on whether or not you contracted out of SERPS/S2P during your working life.

the gov.uk website is actually very good (when it works) and as Steve says you can get a reliable forecast of your state pension.  For those that havent paid in for a few years, you can backdate class 3 contributions for up to seven years (sometimes even longer), and this can also be done online.  In most cases its a worthwhile exercise and cost about GBP 4 per week.

Jamie

I don't think it's really anything to do with current age as the forecast is based on retirement age i.e. 65/66/67 - the variable is additional state pension entitlement which ties back into the SERPS etc you mention. 

The previous scheme (pre 2016) was based on max 30 years contributions but now it's up to 35.  This is mostly irrelevant for those still in the UK but very relevant to us living overseas and making voluntary contributions - I'd advise anyone that may fall between the cracks to look into this ASAP.  I was one of those and am now making up lost years - I have 8 to make up for even though I was only 5 short! A word of warning though, in my case making up years prior to 2016 would not increase my "pot" due to some factors i.e. GMP/SERPS etc etc. 

As for Class 3 contributions - the system will change from April 2019 and will cease and only class 2 will be available.  This will increase contributions from around 140gbp per year to 750gbp per year so best to get in quick to make up as much as possible before it's too late.  As mentioned above, you can make up missed years.

I'm no expert and the above is based on my own understanding only -  best to talk to the experts. 

 

[Dave Hounddriver]

24 minutes ago, hk blues said:

 best to talk to the experts.

Jamie is an expert.  Its what he does for a living. 

[Snowy79]

1 hour ago, Clermont said:

Just a little add on, when paying pensions into an overseas account, the exchange rate of the day applies. 

If you're smart have it paid into a pound savings account in the Philippines and it goes in direct as pounds sterling with no fees.  If you have an additional peso account just wait until you are happy with the exchange rate and transfer. 

[hk blues]

47 minutes ago, Dave Hounddriver said:

Jamie is an expert.  Its what he does for a living. 

I don't doubt it,  but it does no harm to get information from various sources including the DfWP themselves.  My post was merely to add additional information to supplement Jamies'. 

The more (accurate) information the better IMHO.  

[bastonjock]

I've checked my uk pension and I get the standard amount ,what pee me of is that I am still making full contributions and I get nothing extra even if I was to pay them for the next 5.5 years 

Fortunately I have a couple of private pensions and other sources of income

[Gary D]

I think it was something like 2012 that gov stopped further contracting out and paying into the second pension. They just took the 2% as extras tax but kept quiet about it.