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Aerotony

UK State and Occupational Pension Payments to an Australian Bank Account

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At the risk of duplicating an issue raised on previous threads does any one have experience of having UK State and Occupational Pensions paid directly into an Australian bank account?

 

My wife and I are both retired and resident in Australia on a Bridging Visa.

We both have our State and Occupational Pensions paid monthly into a UK current account.

It is getting to be inconvenient to organise monthly money transfers from the UK into our Australian bank account.

 

Any information on the advantages and more particularly the disadvantages of setting up direct pension payments into an Australian bank account would be most welcome,

Tony

EDIT It seems I may have posted this in the wrong Forum.

I shall repeat the posting in the "Money and Finace Forum"

Edited by Aerotony

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Hi Aerotony

 

I believe that the State Pension can be paid direct to an Australian Bank.

 

In relation to private pensions then this will depend upon the provider, you should contact them in the first instance to discuss options.

 

Andy


Financial Adviser (FPA Member AFP ®) Specialising in UK Expat Advice and Pension Transfers / AR-322874 /AFSL-234951

SMSF Accredited Adviser / UK SIPP Authorised Adviser 

Director  - Vista Financial Services – www.vistafs.com.au 08 8381 7177

 

Please note that my advice is general advice only and professional financial advice should be sought for your own personal situation.

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At the risk of duplicating an issue raised on previous threads does any one have experience of having UK State and Occupational Pensions paid directly into an Australian bank account?

 

My wife and I are both retired and resident in Australia on a Bridging Visa.

We both have our State and Occupational Pensions paid monthly into a UK current account.

It is getting to be inconvenient to organise monthly money transfers from the UK into our Australian bank account.

 

Any information on the advantages and more particularly the disadvantages of setting up direct pension payments into an Australian bank account would be most welcome,

Tony

EDIT It seems I may have posted this in the wrong Forum.

I shall repeat the posting in the "Money and Finace Forum"

 

There's no problem with having the State Pension paid to a UK bank account - you can choose the frequency. We have a number of ex-pat clients who do this without any issues at all.

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We have pension paid direct from the UK and I also have one from NZ no probs.


Petals

:ssign15:taking no prisoners :wink:

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Thanks for the replies above.

 

Advantages. Automatic monthly payment of pension direct to my Australian bank a/c.

Disadvantages.I would need to check with my Australian bank to see if they impose any charges on deposits from the UK

Possible disadvantageous exchange rate?

 

Could anyone add anything to the above, in particular the disadvantages?

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Further to my quoted below, I have checked with my bank in Australia and they impose a charge of $12 for every deposit from the UK.

For my wife and myself with a state pension and occupational pension each that is about $600 annually in charges.

Seems to me it would be more economic to make a single accumulated payment monthly for the four pensions unless any one else knows better?

 

Any comments welcome,

Tony

 

Thanks for the replies above.

 

Advantages. Automatic monthly payment of pension direct to my Australian bank a/c.

Disadvantages.I would need to check with my Australian bank to see if they impose any charges on deposits from the UK

Possible disadvantageous exchange rate?

 

Could anyone add anything to the above, in particular the disadvantages?

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