Reply To: Foreign Private Pension

#287436
pbirks
Participant

as with any income, you are trying to get an average that represents a best guess of future payments – theres nop need to reveiew a foreign pension more often that you would a UK private pension – the net of both may change – due to tax/ exchange rate.
Assuming the gross amount doesn’t change at source, you can check what was received into UK bank account for the last 2/3 months and then use that to estimate future payments

eg customer advises you their USA pension of $247.00 per month from April 2023 has increased from April 24 and is now $269 per month

Bank statements show the american pension received was £194.54 Jan 24, £200.07 Feb 2024 and £195.38 March 24
so , on average $247 = £196.66 , so 1$ = 0.796p,

So $269 x 0.796= £212.14 per month, so thqats the figur you’s use from April 2024
No need to review again unless you’re advised a a change to the pension.