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Old age Pension

Posted: Thu Aug 16, 2018 11:41am
8 replies161 views4 members subscribed
ave1945uk

Posts: 5

Location: Mojacar

Joined: 16 Aug 2018

I am thinking of buying a property in Mojacar within the next 12 months ,can anyone give me advice on how to transfer my pension so that I get the best exchange rate please .

BobL

Posted: Thu Aug 16, 2018 12:06pm

BobL

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Posts: 2170

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Location: Mojacar

Joined: 18 Aug 2016

Posted: Thu Aug 16, 2018 12:06pm

Hi,

If you are referring to your monthly O A Pension then you can arrange this directly with Pensions Agency UK. We used to have ours transferred monthly to our Spanish Bank Account but have now changed to off shore with Lloyds although would not recommend for DDs into Spain. 

Best Wishes,

Bob and Sandra

Mojacar  Playa and Puerto Lumbreras

PS you can arrange with a phone call. They just need your NI No and Spanish Bank details.

ave1945uk

Posted: Thu Aug 16, 2018 12:30pm

ave1945uk

Original Poster

Posts: 5

Location: Mojacar

Joined: 16 Aug 2018

Posted: Thu Aug 16, 2018 12:30pm

Do you get a good exchange rate with the transfer.

BobL

Posted: Thu Aug 16, 2018 12:41pm

BobL

Super helpful member

Posts: 2170

1225 helpful points

Location: Mojacar

Joined: 18 Aug 2016

Posted: Thu Aug 16, 2018 12:41pm

Hi,

My understanding is that's it's the best rate as it's Government. I know it's vway better than the rate I get for my Military pension where its been contracted out. 

But so easy to change, just a phone call. Anyway you can try for a few months comparing monthly with Transferwise online.

BEST WISHES.

Bob

ave1945uk

Posted: Thu Aug 16, 2018 12:48pm

ave1945uk

Original Poster

Posts: 5

Location: Mojacar

Joined: 16 Aug 2018

Posted: Thu Aug 16, 2018 12:48pm

Thank you Bob I will check it out.

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pah1547

Posted: Thu Aug 16, 2018 6:41pm

pah1547

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Posts: 323

206 helpful points

Location: Huércal-Overa

Joined: 31 Mar 2016

Posted: Thu Aug 16, 2018 6:41pm

We get ours paid into our English bank account and transfer across to our Spanish account when exchange rate is reasonable. If you get it paid monthly and there is a sudden drop in the pound in a particular month or couple of months you can lose quite a bit of money.

This is just our way of doing it and find it works for us.

Best wishes,

Paul.

Rascalmate

Posted: Thu Aug 16, 2018 10:08pm

Rascalmate

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Posts: 220

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Location: Garrucha

Joined: 28 Nov 2016

Posted: Thu Aug 16, 2018 10:08pm

A Ukgov pension (state pension) now has to be paid into country of residence. If your state pension start after taking up residence, do not delay. Uk gov pensions will now only be paid into an IBAN account in the country of residence. 

The UK gov will not pay a new state pension into an English bank if you are resident in another country ie Spain.

Any delay in providing an IBAN bank account will cost you. 

You cannot back claim say three months of lost pension because you did not do this. Full details are on the UK gov website with the appropriate pension links.

My friend who applied a few months late from the date his pension should have started, lost two months.

Private pensions are not affected.

With a Ukgov pension your money is transferred every 28 days on the dot with the full exchange rate of the day, without any deductions, unbeatable.

We had been paying the bank 2% + £4.50 every month to transfer my Wifes pension that had been paid into an English bank for five years. When we were informed of the new rules just before my pension started we got in touch with the Uk and had her pension paid into a Spanish IBAN account, saved a fortune.

Good luck :)

BobL

Posted: Thu Aug 16, 2018 10:18pm

BobL

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Location: Mojacar

Joined: 18 Aug 2016

Posted: Thu Aug 16, 2018 10:18pm

Nice one. What a fund of information.

You learn something.new every day.

Thanks &'Best Wishes as ever,

Bob and Sandra

Rascalmate

Posted: Fri Aug 17, 2018 7:50am

Rascalmate

Helpful member

Posts: 220

290 helpful points

Location: Garrucha

Joined: 28 Nov 2016

Posted: Fri Aug 17, 2018 7:50am

Thank you for your kind comments (BobL) Sandra & Bob, :)

Best regards, Al

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