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Rakhi Vasavada
Rakhi Vasavada, Financial Advisor
Category: Law
Satisfied Customers: 4545
Experience:  Attorney and Financial Expert. Have specialization in Financial Laws.Practice experience of over 13 years
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My question relates to UK law with respect to a company pension.

Customer Question

My question relates to UK law with respect to a company pension. My brother worked for a UK company for 15 years and paid into the company pension scheme. He left the UK 17 years ago and has a USA green card. He is still a UK citizen. When he left the UK he closed down all his UK accounts. Recently he contacted the Pension Fund to check on his pension. They advised him that the pension will be payable from January 2015. When he explaned that he now resides in the USA they told him that the pension was only payable into a UK account. He visted the UK in April this year and tried to open a UK bank account but was refused as he now resides in the USA. The pension fund to date have not offered him a solution. Please advise David Woolrich
Submitted: 3 years ago.
Category: Law
Expert:  Rakhi Vasavada replied 3 years ago.
Dear Friend,
Hello and welcome. Thank you for providing an opportunity to assist you.
Unlike State pensions, private pensions are only made payable in sterling in the UK. So, in the first place the pension fund who informed you this is correct.
Having said this, it is imperative to have a UK bank account. Thereafter, after receiving the pension in that account, you can just wire the money to the US bank account where he resides.
Coming to the second part of your question, as I just said, bank account would be required. What I advice you is to use a global bank such as HSBC and likes who are more adept in opening accounts of people living overseas. Further also precisely get to know "why" banks are refusing to open an account. You should not require more than a basic documentation for this.
While trying out global banks like HSBC and likes, also consider having the US account with the same bank as well. This will certainly help.
Please refer the following links and see if they help.
https://wealth.barclays.com/en_gb/home/international-banking/who-we-help/resident-non-doms/non-resident-bank-account.html
http://www.hsbc.co.uk/1/2/international-features
I am sure this would help.
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Warm Regards