Advice on what to best for pansion

Hi,

Earlier this year we decided to move offshore, actually more for the Spanish practise of Embargo than anything else, & opened an offshore  euro account. We.immediatly discovered that.IBI, ROAD TAX, Water, Fineral.Plan etc.can only be taken from a Spanish Bank, although some of these will accept the Off shore CC/DC for DDs. We moved from Endesa to Nordic for this reason.

Can all.be a bit cumbersome but.keeps most of our.money out of Spain.

Best Wishes,

Bob and Sandra

many thanks for you reply Bob I'm not sure I earn enough for a offshore account lol 

Hi you do not say whether you are going to live in Spain permanently or not.

If you take up residency in another country, it is wise to inform Newcastle. They will then pay your pension into your country of choice direct into an iban account. The advantage is ' they do not deduct any commission' you get the full exchange rate of the day. No middlemen involved........... And they pay it on the dot every 28 days. My pension started three years after coming to live in Spain.  There is no choice. In fact if you leave the arrangement by choice or ignorance you lose your pension each month you delay with no chance of claiming it back. If you receive state pension before you retire to another country then if you have your pension paid into a Uk bank you will be charged a commission by your bank to remove any money plus transfer charges to transfer your money out. We were in that position with my Wife's pension, until we realized one simple phone call to Newcastle and we made arrangements to have her pension paid straight to Spain. No 2% deductions plus transfer charges her bank used to make. It saved a lot of money over the course of each year.

thanks for the advice it was very informative and helpful. we are planning to settle full time from August. I have military pension and works pension although I won't get my state pension for another 7 years. I will certain look into these going straight into my Spanish account 

Hi, very sensible  you can certainly have them paid direct to a Spanish Iban account, will save you a lot of money.

Good luck with your early retirement. You will not regret leaving UK behind.

Regards Al

Hi again,

Yep, when we did move the Military Pension and State pensions to Spain we did it directly. Now it's Military to UK & State offshore. The Pension agencies do the conversion for you but State is better.

When we reside at our Australian or Indian homes we merely issue instructions to have the pensions sent there. With State it's a phone call but the Military requires a form to print. Complete. Scan & e mail.

Spanish Banks have become more difficult over the years and of course you have to pay for them 'managing your account & for a CC/ DC. Best to shop around but La Caixa is 12.60€/ quarter & 43€ for the CC/DC pa. Gratefully we shall be dumping the Card next year.

Best Wishes,

Bob and Sandra

Mojacar Playa and Puerto Lumbreras

thanks Al, we can't wait to arrive. we thought it best to retire early whilst we can enjoy it, can't wait to live in such a wonderful climate. 

Bob many thanks your reply is it  full of useful and interesting information and advice. 

We went for a full medical check up before we emigrated to Spain.

We had the same Doctor for over 40 years. 

He asked why the full check up, I said we were going to live on the east coast of Spain. He said '' its good you intend to retire early and going to live in Spain  with the better weather and cleaner air, you have just added at least five years to your life expectancy".

My Wife was dependent on inhalers. One month by the sea in Spain, she never bought another inhaler.................