Basically yes, all of the money from pensions income brought into Thailand is taxable if you are in the UK. Then you can deduct the amount of tax you paid in the UK. However because the UK has the generous tax free allowance, we don't pay much tax so there is little to offset. It will impact UK pensioners a lot. Not only the tax, but the costs of getting tax advice and for someone to submit the return and interpret the reply. Going to suddenly get very expensive here.
If you apply for the OA visa outside of Thailand there is the ongoing requirement to take out Thai medical insurance (which would be on top of the international insurance we already have). So there's an extra expense. Can the OA visa then be renewed as a non-O visa and the medical insurance cancelled once we have the 12mths of transfers to our thai bank account? Or are we locked into the OA visa? darn, it so complicated.