surfersj Posted June 15, 2017 Share Posted June 15, 2017 The UK state pension can be paid in $AUD directly into an Australian bank account (without any charges) as an alternative to having it paid into a UK bank account and then transferring it yourself. It is well known that a currency specialist will offer better exchange rates than the High Street Banks. However, in a situation where you want your state pension transferred monthly to Australia, I have read that the UK government will generally offer a better exchange rates than even the currency specialists. So, what is the most favorable method? Quote Link to comment Share on other sites More sharing options...
starlight7 Posted June 19, 2017 Share Posted June 19, 2017 Our little pittance gets paid directly into our Australian account . Buys a couple of coffees! Quote Link to comment Share on other sites More sharing options...
surfersj Posted June 19, 2017 Author Share Posted June 19, 2017 And that's another topic! Absolute disgrace about the UK pensions being frozen. Maybe I should retire to Costa Del Sol or Florida and get the benefit of the triple lock But then....that's not where the grandkids are.... Quote Link to comment Share on other sites More sharing options...
Mike@Bonbeach Posted June 20, 2017 Share Posted June 20, 2017 15 hours ago, surfersj said: And that's another topic! Absolute disgrace about the UK pensions being frozen. Maybe I should retire to Costa Del Sol or Florida and get the benefit of the triple lock But then....that's not where the grandkids are.... I agree whole heartedly, but the question of "fairness" to Commonwealth ex UK pensioners is getting nowhere. We are coming up to our 10 years residency qualification in Australia and so qualify for the Aussie Age Pension and it's looking quite good, if my initial calculations are anything to go by. But IMO it is not right for Australia to have to make up the difference when we have paid into the UK system for 40+ years. Regards Quote Link to comment Share on other sites More sharing options...
Keith and Linda Posted June 20, 2017 Share Posted June 20, 2017 1 hour ago, Mike and Connie said: I agree whole heartedly, but the question of "fairness" to Commonwealth ex UK pensioners is getting nowhere. We are coming up to our 10 years residency qualification in Australia and so qualify for the Aussie Age Pension and it's looking quite good, if my initial calculations are anything to go by. But IMO it is not right for Australia to have to make up the difference when we have paid into the UK system for 40+ years. Regards Just to make you feel not too hard done by Quote Link to comment Share on other sites More sharing options...
surfersj Posted June 20, 2017 Author Share Posted June 20, 2017 Don't get me started! I think it is an absolutely shocking and criminal situation that UK expats find themselves in, (and I haven't even arrived in OZ yet) potentially being bailed out by the Australian government. (And.....how on earth could the European Court of Human rights reject that appeal). By the way, love the notepad.....at least there is a pen alongside and I can try a letter to Santa Maybe the Brexit situation will bring this to the fore again when they get round to discussing the future situation about expats living in the costa's and elsewhere. I read that just before the recent UK election was announced that Jeremy Corbyn was going to raise the matter in Parliament, but not sure where this is at the minute. The notion was that Commonwealth UK expat pensioners should start getting annual increases albeit not much consolation for those who have been in OZ for many years - buying a few coffees with their pittance of a pension. Quote Link to comment Share on other sites More sharing options...
Perthbum Posted June 20, 2017 Share Posted June 20, 2017 No chance in oz, they say when brexit happens those living in the EU will also lose annual rises in their pensions. Quote Link to comment Share on other sites More sharing options...
Perthbum Posted June 20, 2017 Share Posted June 20, 2017 Thinking about it, if you did get the annual rise the rate would have to be set by the inflation rate in Australia surly. Quote Link to comment Share on other sites More sharing options...
surfersj Posted June 20, 2017 Author Share Posted June 20, 2017 if that happens after Brexit, at least everyone will be "in the same boat" Whatever inflation rate (OZ or UK) is used for pension increases it is better than nothing. I have read about pensioners who retired to OZ in the nineties getting £50 per week! Quote Link to comment Share on other sites More sharing options...
Ken Posted June 21, 2017 Share Posted June 21, 2017 On 20/06/2017 at 11:37, Mike and Connie said: I agree whole heartedly, but the question of "fairness" to Commonwealth ex UK pensioners is getting nowhere. We are coming up to our 10 years residency qualification in Australia and so qualify for the Aussie Age Pension and it's looking quite good, if my initial calculations are anything to go by. But IMO it is not right for Australia to have to make up the difference when we have paid into the UK system for 40+ years. Regards If you think your hard done by remember that Australians who move to the UK before they've been drawing the age pension for 2 years get nothing from Australia even though they may well have paid taxes in Australia for 40+ years. Applies to many expats who came over when they were young and decided to move back late in life too. The British government isn't going to recognise a commitment to former British taxpayers when the Australian government isn't willing to recognise a commitment to former Australian taxpayers. Quote Link to comment Share on other sites More sharing options...
Mike@Bonbeach Posted June 22, 2017 Share Posted June 22, 2017 14 hours ago, Ken said: If you think your hard done by remember that Australians who move to the UK before they've been drawing the age pension for 2 years get nothing from Australia even though they may well have paid taxes in Australia for 40+ years. Applies to many expats who came over when they were young and decided to move back late in life too. The British government isn't going to recognise a commitment to former British taxpayers when the Australian government isn't willing to recognise a commitment to former Australian taxpayers. Where did I say I think I am "hard done by" ? Didn't know anything about the returning expats and the Aussie pension rules. Seems to me to be wrong too. Did they actually pay into a Pension plan?. Just paying taxes is surely different than paying into a Pension scheme as well as paying your taxes which is what I and thousands of UK ex-pats did in the UK, and what thousands of UK ex-pats living in countries other than Commonwealth countries did and are getting the annual increases in the UK age pension. Just my opinion. Quote Link to comment Share on other sites More sharing options...
Ken Posted June 22, 2017 Share Posted June 22, 2017 7 hours ago, Mike and Connie said: Where did I say I think I am "hard done by" ? Didn't know anything about the returning expats and the Aussie pension rules. Seems to me to be wrong too. Did they actually pay into a Pension plan?. Just paying taxes is surely different than paying into a Pension scheme as well as paying your taxes which is what I and thousands of UK ex-pats did in the UK, and what thousands of UK ex-pats living in countries other than Commonwealth countries did and are getting the annual increases in the UK age pension. Just my opinion. Sorry it was my impression from what you wrote that you felt "hard done by" - but then that is how most of us feel. Just paying taxes is of course different from paying into a Pension scheme - but Pension schemes aren't affected by the freeze only the old age pension. The old age pension is purely funded by taxes (although there's a lot of confusion caused by one of those taxes being called "National Insurance" so many people are fooled into believing it's not tax). Quote Link to comment Share on other sites More sharing options...
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