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pension payment to EU country
Menucha
Posts: 24 Forumite
My occupational pension is paid by the Royal Bank of Scotland directly into my EU account here in Cyprus. They pay at rate around 8 - 10c above the tourist rate and also pay all transfer fees and charges.
Ian's pension is paid by Bank of Scotland who will only pay into a UK account, thereby costing us a large loss on exchange to Euro.
I have just been told (third hand I must add) that there has been a new ruling that Occupational Pensions are to be paid into any account in an EU country if so requested.
Before I start shouting on Ian's behalf - does anyone know if this is true - or where I can find out about this.
Cheers
Philippa
Ian's pension is paid by Bank of Scotland who will only pay into a UK account, thereby costing us a large loss on exchange to Euro.
I have just been told (third hand I must add) that there has been a new ruling that Occupational Pensions are to be paid into any account in an EU country if so requested.
Before I start shouting on Ian's behalf - does anyone know if this is true - or where I can find out about this.
Cheers
Philippa
0
Comments
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Sorry don't have the foggiest but THE PENSIONS ADVISORY SERVICE [TPAS] should be able to help you establish whether it's correct or simply a "guy down the pub told me" type urban myth.
Does sound like it should be true though.0 -
It will still be subject to exchange rates if they do pay it direct to cyprus.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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It will still be subject to exchange rates if they do pay it direct to cyprus.
Yes I realise that, but the exchange rate is between 8 - 10c higher than the tourist rate, which is all we get taking it from an ATM or paying a cheque into the Cyprus account.
Also I made a mistake - it's London Scottish Bank.0
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