Retirement planning, unlock your Frozen pension funds 2022, I have some answers.
The video is presenting Retirement planning I am loosing money from my pension but also try to cover the following subject:
-pension plan have a pension plan don’t let the government steel your money.
-pensions explained uk there are over 500,000 Frozen pensions in the UK I explain how you can get your pension increased
-my pension is my pension but the government are steeling my money so I want to stop that. It is not difficult to do.
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Retirement planning I am loosing money from my pension however is an subject that I know something about. This video for that reason should matter and of interest to you.
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Interesting information then it got me thinking if people had dual nationality and had 2 passports so using your example could you go to one country on one passport and then return using the other then return on the 2nd last day and then leave on the passport you entered with originally, probably not but if you could would people be able to get around it that way I wonder
It's frightening to think what a frozen pension be worth in about ten years and the cost of returning to UK for 6 months would be huge and pretty humiliating… Fantastic idea mate! Very interesting!
Thank you I have lived in Chiang Rai for 8 years I started to draw my UK state pension 5 years ago. GT
Thats very good video Les . I am Irish and of corse we are exactly the same as the UK regarding pensions . But as nice as it seems I dont think my wife will take kindly me heading to the Philly for 6 months I think she might say dont come back lol….thanks for the great work.
Great info regarding the contact centres.
In consultation with a tax accountant years ago, before leaving for Thailand, considering Capital gains tax, when there was the loophole for non-residents, I was told that "for tax purpose" you would be considered normally resident in UK if you spent only one night at an address in UK where you kept any item of clothing, whether it's your home, a family member or even a friend.
I emphasised tax purposes, because I believe the different departments apply different rules / criteria. maybe worth investigating, particularly if that could apply to the Philippines also, as with the 185 day rule.
Hi Les. Regarding the 800k Baht required for a retirement visa, Can we bring a bank statement from my country to show the equivalent or should this be in a Thai bank? I have heard some visa agencies in Thailand accept this document to start processing the application . Thanks a lot.
Sorry to come late to this and I appreciate that your video is mostly about future increases on already claimed State pensions. However, if you leave the UK before you are eligible to have your pension (like you I believe), when you come to claim do you get the rate in the year you claim? Or is it backdated and reduced to the amount applicable to the year you left the UK? This could be a significant reduction if you left at say age 50 for a Thai retirement visa?
The cost of the return air fare to Manilla and back will take up a fare bit of the increase in the pension.
Thanks for the hard work. Question:- do the pension dept pay into my UK account or can it be paid to my Thai bank. Secondly I’ve been married to my Thai wife for 11 years, so do I have to notify anyone in the UK of our marriage. What did you do?
Cheers
Grand job from a grand man ,,thanku
Creative solutions Les! there are thousands of Brits retired with frozen pensions in Australia, every 5yrs or so a plea is made on the media with stony silence met from UK. Maybe you should target them with a sole purpose video, "Brits in OZ I can Thaw your Pension"
Got told Les if you keep a address in UK you don't have to go out of the country for 185 days is that correct
Sorry but this is not accurate and misleading. The increment will be applied for the tax year in question only and not for the entire period where the pension increase has been frozen.
In the USA you can receive your state or federal pension anywhere but first it has to go through direct deposit to a US bank and you have to pay both federal and state taxes annually even if you live overseas
people who retired in Australia to be with family have been there for years with no increases. Trouble is it would probably cost more in flights, hotel stays etc than you would ever make in getting the pension increases
Hi, Les enjoyed your video. Full of information and your intelligent insights. I believe also that one can claim a cash lump sum as a one-off payment. Basically, you are cashing out of the system a one-off payment and that is you finished with the state pension. I looked at mine and it is a payment of around £45,000 which is not a great deal I would stay with them and collect monthly. It is a sound way of knowing that one has an income every month and I am sure one could live quite comfortable on it.
Take care GOD Bless you and yours. M
Think you're being optimistic that you're going to get 10% next year, they suspended the triple lock this year because they couldn't afford the 7% that was due. I know they've said it will be back next year but I don't believe them.
LES YOU ARE PHENOMENAL❗️ Awesome info!! I know someone who really needed to claim her frozen UK pension!!
As I said before it’s hardly worth all the effort ,, I know you won’t agree ,, but 2 return flights for you and your misses to the pp for example plus 6 months accomadation plus food plus travel ins plus whatever your gonna do there plus visa costs ,, even a 10% rise on the Uk state pension of £790 a month = £950 extra for that year that would nowhere near cover the cost of the excersise ,, also don’t forget if inflation is still running away you gotta do it all again the following year . Added to that travel insurance becomes horrendously expensive once your over 70 that’s if you can even find it .
I’ve yet to hear of anyone doing this yet , but I wish luck on anyone that tries it your gonna need it for it to be worth it
I just been looking on YT about Philippine visas. It seems that we can get a 30 visa exception on arrival. That then can be extended for 29 days. Note all visa extensions should be applied for 1 week before the existing one expires. After that you can 1, 2 or 6 month extensions but the 6 month are only available at the main immigration offices not the sub offices. You can keep extending these visas to give you 36 months in the Philippines. In Thailand you are allowed to stay for 180 days in any 12 months & you can do this by getting a 60 day tourist visa & extending 30 days. Then doing a land border crossing & getting another 60 day visa & extending that for 30 days. This might suit some people like a single guy who is going to be renting here. He could do 6 months Philippines & 6 months Thailand getting 6 month rental leases & it gets him out of the money in bank of monthly income requirements & if he a Brit with a State pension it will keep that Indexed.
It's a bizarre situation to be sure. I wouldn't hold out too much hope for any change of heart from the UK government, the campaign to end frozen pensions has been ongoing for years but the government flatly refuses to change. Their official line is that they meet their legal obligations regarding those countries which have a reciprocal agreement and that's the end of the matter as it has been for the past 70 years. To illustrate how hardline their attitude is, Canada has been trying to put in place a reciprocal agreement with the UK for the past two years but our government just stonewalls. This particular case is a good example of just how ridiculous the situation is. If you live in Canada, a Commonwealth country your pension is frozen but if you live over the border in the USA you get all your increments, it's crazy. The government should hang it's collective head in shame for treating it's citizens who have paid a lifetime of contributions this way but it won't because it has no sense of shame or honour.
Maybe the easiest & most straight forward for some, especially if you're not into travelling other countries, but want to live/retire in Thailand…is to keep a UK address.
Who knows, you might get the remainder of your life claiming your full yearly increased pension. If you don't, I guess you could claim dumb.
Hopefully it all changes before too long & there's no such thing as frozen pensions. We all know it's a con, anyway.
Liberals SUCK!
Makes no sense, bye the time you factor in the cost of living somewhere els
Just give them your social security number
Hi Les,
Thanks for the research you've been doing, I'm sure a lot of subscribers and others appreciate it.
The UK State Pension is an emotive subject and one which I have long since ceased to get angry over. I knew before retiring to Thailand that my State Pension would be frozen at the rate it was at when I left the UK last year, and so it has been.
But one thing you haven't mentioned is income tax; the State Pension is taxable income believe it or not, and is taxed at source. For most, if not all, of UK pensioners who have worked all their lives and have a "Personal Tax Allowance", the State Pension will be included in this Allowance (mine is £12,570). The information below is from the HMRC website today, 31/05/2022:
"Your tax-free Personal Allowance
The standard Personal Allowance is £12,570, which is the amount of income you do not have to pay tax on.
Your Personal Allowance may be bigger if you claim Marriage Allowance or Blind Person’s Allowance. It’s smaller if your income is over £100,000."
For people like myself who has other additional income from the UK, whatever is left from my Tax Free Allowance after my State Pension amount has been deducted is then taken-off one of my other UK incomes and I pay 20% tax on what's left.
It is galling to not receive the annual increase AND get taxed on the State Pension, thus a double-whammy.
And as for people thinking HMRC won't find out if you're wherever in the world, as you say they have ways and means. I remember back in 2003 when I lived in Hua Hin for a time. There was a pensioner of 72 who's sole income was his UK State Pension. The THB was around 75-80 to the GBP at the time so eminently achievable. But he received a forwarded letter from the Pension people saying they'd been trying to contact him and if he didn't attend his local office within 7 days they would stop his pension.
Unfortunately the letter took ages to get to Thailand and he was outside the deadline, so his pension was stopped. He had no other source of income and no savings. We (local expats) had a whip-round for his fare back to the UK so he could get it sorted out. Lesson learned as I recall at the time.
I hope this is of use to others.
Thanks Les, very informative.
Kudos, Les for doing all that research. A great job. If your trip to the reciprocal agreement country gets you a raise of 13%, you will get an extra £1300. I think you need to do your maths to ensure your long holiday isn’t going to cost you more than you recoup. If you are retired in Thailand and your UK pension is paid to a bank in Thailand, do you need to open a bank account in the reciprocal country, or will they increase your pension into Thai bank account?
WORK HARD RETIRE AND GO TO THAILAND AND GIVE IT TO YOUR HONEST THAI GF LOL MUGS THE LOT OF YOU ….
I assume that % increase is for a 12 month period, not on your monthly pension?
here is the link for claiming your pension abroad…https://www.gov.uk/government/publications/guidance-on-claiming-a-state-pension-if-you-retire-abroad
If you have been, for example, living in Thailand for a few years so haven't received any increase in your state pension, then you go back to the UK or a country that has a reciprocal agreement for more than 185 days in a financial year, does your UK pension go back to the full value or do you just get that one annual increment percentage?
If you don't get the full backdated rise is there anyway to get back to the full pension amount.
It does seem very unfair as when you are old not living in the UK you are not a burden on the NHS or any other services provided in the UK. So really they should pay you more pension than if you were a resident of the UK.
I am still not clear about the start & end of the year. In the UK I know it is 183 days or more from 6th April to 5th April to be resident for tax purposes in the Philippines it is 180 days in any Calendar year & I would think they would want you resident in a Country we’re the pension is paid indexed to qualify for a permanent uplift. As for 183 days instead of 185 I know most Countries count the days you enter & leave Countries as days in Country so maybe they require 183 full days so they add on 2 days for the days you would enter & leave the Country. I follow 2 groups on FB. One is END FROZEN PENSIONS & the other is THE INTERNATIONAL CONSORTIUM OF BRITISH PENSIONERS. I will send them a message & see if they can confirm or enlighten
Leslie,
The future problem is that when you travel by airplane, you have to give your date of birth, passport number when booking. All journies (departures and arrivals) are actually kept on a data base with the home office and you can actually apply to the home office for that information. So in a few years the government pensions office will be monitoring it especially if you don't have a UK residential address to avoid having to pay out increases.
Great information. Thanks.