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Paymaster General will pay Service Pension into a foreign bank but I don't know what excahnge rate is used - assume PG pays in Sterling and foreign bank selects exchange rate. Because I still have investments to cover in UK, I have mine paid into UK bank and transfer, as required, by personal cheque to local bank who have agreed a slightly preferential rate of exchange and, more importantly, to credit immedaiately in NZ$.
As indicated earlier, if there is a reciprocal tax agreement with country of residence, UK will pay Pension free of UK tax PROVIDED income is declared to tax authority of country of residence. In other words - some govt is going to get a hunk of your pension!
kilo52 makes a good rec - speak with Paymaster General. Though rest assured it ain't as complicated as it might appear or, indeed, the bureaucrats could make it if they really tried. Quite a suprise that!
Work to Retire, Retire to Work!!!!!!!