Pedronomadi
1/29/2017 00:54 EST
Hi all
I currently get me UK works pension paid in the UK.
However I plan on staying here in the Philippines and would like my pension to be paid into a bank here.Any advice would be welcome
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seernai
1/29/2017 08:52 EST
Hi I have my uk pension paid into my uk Bank , why? Because I used to have an account in PNB Bank they would not let me pay my uk issued credit card in fact they laughed in my face so I closed my account and had my pension paid back into my uk Bank, It seems if your a US citizen you can do pretty much what you like as the $ is king here so yes if I were you I would keep my money in the uk also the Bank here was taxing me also I was losing money on the exchange rate
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draks
1/29/2017 16:52 EST
State pension can be paid into a Philippine bank without losing the yearly increase but I thing private pensions have different rules and it's more complicated. For me I prefer paid into a UK bank and send each month to myself.
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draks
1/29/2017 21:28 EST
They tax your state pension?
Maybe you have a good private pension as well. That's really unusual.
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MCYRCPA
1/29/2017 22:08 EST
The Philippines does not usually tax income that was earned outside the Philippines. Pensions from the U.S. are not taxed in the Philippines. You should review the UK/Philippines tax treaty for whether your UK pension is taxable in Philippines.
If you need further help, contact me:
Michael Wayne Cyr, CPA, EA, CGMA
mcyrcpa@hotmail.com
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draks
1/29/2017 22:53 EST
Your private pension plus your state pension must take you up to the tax threshold I guess.
I don't have private pension just state pension couldn't live in UK now I don't get enough to support myself
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seernai
1/30/2017 01:13 EST
The Philippines and the uk have a receprical agreement also at the time I questioned the Bank as to why they taxed my pension at the time they could not answer me it irrelevant now as I now have everything paid into my UK Bank under strict security,
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draks
1/30/2017 01:23 EST
Yes I know about the agreement just seemed odd you were taxed on your state pension. But if your not being taxed now that's the main thing.
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GaryD
1/30/2017 03:07 EST
As far as I'm aware pensions in the Philippines are taxed at 0%. Something fishy going on here.
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Pedronomadi
1/31/2017 00:54 EST
Thanks to all for your comments I am 55 so its only my UK Company pension.I am taxed on it in the UK and have been told If it was paid into a bank here I wouldnt pay tax. Maybe thats on a UK State pension.I dont know .Like most my UK pension isnt enough to have any life in the UK
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seernai
1/31/2017 07:15 EST
The uk state pension is the lowest in Europe , if there are 2 of you on that and your mortgage is paid well yes you can live on it but if your still paying mortgage and on your own then you will struggle depending of course how much your mortgage is. Many pensioners in the uk have a stark choice especially during winter either heat or eat as many cannot afford to do both. If you live in the Philippines on uk state pension as many expats are , yes you can live ok on it again that comes down to life style e.g. If you drink or smoke and live on western food
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seernai
1/31/2017 07:15 EST
The uk state pension is the lowest in Europe , if there are 2 of you on that and your mortgage is paid well yes you can live on it but if your still paying mortgage and on your own then you will struggle depending of course how much your mortgage is. Many pensioners in the uk have a stark choice especially during winter either heat or eat as many cannot afford to do both. If you live in the Philippines on uk state pension as many expats are , yes you can live ok on it again that comes down to life style e.g. If you drink or smoke and live on western food
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Hawkz64
1/31/2017 07:23 EST
My private pension is out of the U.K. making more money also no tax to pay but as I take early retirement in two years this is intresting as I'm thinking of opening bank account in the Philippines to have my money paid into it .
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seernai
1/31/2017 08:08 EST
Please think very careful about this many Philippine Banks will not allow you to open an account until you have permenent residence visa BDO springs to mind as my partners cousin works in one Branch when I told Her I still have a Tourist visa and British she told me it would be very difficult, the banks here seem to cater for Americans because of the $
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