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Money matters

Best way to arrange for Pension payment.

No, really... it does!
But does it matter more in Malta than at home?

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Best way to arrange for Pension payment.

Postby Steve+Sue » Mon 29 Sep 2008 16:43 GMT

I am 56 & and will qualify for receiving my Health Service pension on leaving the N.H.S. when we move to Gozo.

Just a quickie on the pension and tax – My annual superannuation pension will be £16,658. (20, 829 Euro’s)

What is the best way of receiving it?
&
Does the P85 tax form allow me to have it paid without UK tax?
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Postby gozomark » Mon 29 Sep 2008 16:57 GMT

as its a public sector pension I understand its taxed at source and there is no way of claiming it back

I'm moving this to "money matters" board - you will probably find the answer, or atleast see the different ways of transferring money to Malta, by reading through the other topics on this board
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Postby Nedster » Mon 6 Oct 2008 10:33 GMT

Mark,

Are you implying that for a private 'company' pension, it can generally be paid gross, i.e free of taxable deductions, say into an off-shore account?

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Postby gozomark » Mon 6 Oct 2008 10:41 GMT

yes, thats my understanding, but given I'm in my 40's I've not had a chance to test it :D
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Postby dave dee » Mon 6 Oct 2008 11:34 GMT

With top european governments being forced to guarantee savings, some off shore banks might not be such a secure place to invest money into at the moment. Just a thought.
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Postby gozomark » Mon 6 Oct 2008 11:39 GMT

offshore banks are generally subsidiaries of onshore banks - eg Northern Rock's Guernsey subsidiary is 100% protected in the same way the parent bank is
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Postby dave dee » Mon 6 Oct 2008 11:43 GMT

Any similar info on I.O.M. or Jersey banks Mark. :?:
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Postby gozomark » Mon 6 Oct 2008 11:59 GMT

its not the location that matters so much, but who the parent bank is. Remember, IOM and The Channel Islands are outside the EU, and so without the "right" parent, then you are only protected by the compensation scheme of the offshore country in question, which in general is much lower, which is why in some cases your statement of "some off shore banks might not be such a secure place to invest money into at the moment" is correct

It appears that the Irish banks subsidiaries in IOM are covered by the Irish guarantee - I say appears as it required confirmation by the Irish Government, which the banks say has been given

the whole situation is so fluid at the moment, that who knows what will be guaranteed. Even the Irish 100% guarantee could never be real if every Irish Bank went bust - Ireland just couldn't afford it
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Postby gozomark » Mon 6 Oct 2008 12:05 GMT

the following countries are now guaranteeing 100% of savings - what you would need to clarify is if they are guaranteeing 100% of their bank's offshore accounts - almost certainly yes they are

Ireland
Germany (probably)
Sweden
Denmark
France (sort of)
UK (in a fuzzy, "trust me, I'm a politician" way)

The sensible thing to do is to pick a bank, check out their website for their offshore operations, and see what they say - if its not clear, email or telephone them
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Postby dave dee » Mon 6 Oct 2008 12:24 GMT

Cheers Mark, Not sure on trusting bank guarantees (not much good when they close)or even britains gov. guarantee of 50k accounts per bank. Mattress time. :lol:
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Postby dave dee » Tue 7 Oct 2008 07:52 GMT

Just found out, I.O.M. and Channel Island bank accounts have no savings compensation guarantees from British gov. Lets just hope worst case scenario does,nt happen.
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Postby gozomark » Tue 7 Oct 2008 07:59 GMT

correct - its because they are not part of the UK - they have their own schemes, which are less attractive than the UK one
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Postby Mr Kriss » Tue 7 Oct 2008 08:59 GMT

..... and even less reserves to guarantee them.
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Postby gozomark » Tue 7 Oct 2008 09:04 GMT

in nearly all countries, the actual reserves guaranteeing deposits are zero anyway - compensation comes from a levy on the banks that don't go bust
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Postby Mr Kriss » Tue 7 Oct 2008 09:18 GMT

..... well that's alright then. Built in domino effect. The last one standing pays for all the others huh? Guaranteed obsolesence?

So when a government currently states that it will not let any bank fail, it is in fact promising the money of other depostors and stockholders if it doesn't acutally want to buy a bank? ... and when the last bank topples it takes it over after draining it in levies and then owns a monopolistic single nationalised bank. This sounds weird to me.

Another view would be that I put my money into a bank that holds a guaranteed deposits licence. This then ensures me that my bank will be called upon to gurantee other banks liabilities with my money?
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