Receiving Your Pension Overseas

If you wish to switch to an overseas account, you will need to download and complete the Overseas Bank Account Form and return it via the My Pension Online upload facility.

You have two options for how your pension is paid:

Into a UK bank account
Into an overseas bank account
  • You can continue to have your pension paid into a UK bank account in your name
  • You can update your bank details via My Pension Online or by contacting us directly
  • If you live abroad and wish to change your UK bank details, we'll need to see a bank statement to confirm the account is in your name, as we cannot always complete our usual identity checks.
  • LPF can pay your pension directly into an overseas account using Crown Agents Bank's international electronic payment systems
  • Payments are usually made in the currency of your country of residence, although in some cases they can be made in sterling or another currency if your account accepts it
  • Payments are issued on the 15th of each month and usually reach your overseas account within 3–5 working days
  • There is no charge for this service – the Fund meets all costs.

Exchange rates

If your pension is paid in a foreign currency, the exchange rate will be the market rate at the time of conversion. This means that while your Sterling pension amount stays the same, the amount you receive in local currency may fluctuate each month depending on the rate.

Tax on overseas pensions

Even if you are not a UK resident, you may still need to pay UK tax on your pension. The country where you live may also tax you on your income.

If the UK has a double-taxation agreement with your country of residence, you can avoid paying tax twice. Until HMRC instructs us otherwise, LPF will automatically deduct UK tax from your pension payments.

For more information, including how to claim relief, visit the HMRC website or speak to your local tax authority.

Forms

  • Overseas Bank Account Form

My Pension Online Login
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