Old age Pension
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 .
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.
Do you get a good exchange rate with the transfer.
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
Thank you Bob I will check it out.
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Posted: Thu Aug 16, 2018 6:41pm
Helpful member
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.
Posted: Thu Aug 16, 2018 10:08pm
Helpful member
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 :)
Nice one. What a fund of information.
You learn something.new every day.
Thanks &'Best Wishes as ever,
Bob and Sandra
Posted: Fri Aug 17, 2018 7:50am
Helpful member
Thank you for your kind comments (BobL) Sandra & Bob, :)
Best regards, Al
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