Pensions

Hawkeye

Lantern Swinger
Hope this is the right area does anybody know what I need to do to have my pension paid into a Spanish bank as I am looking to leave blighty in the near future as I am getting disenchanted with life in England.
 

slim

War Hero
Hawkeye said:
Hope this is the right area does anybody know what I need to do to have my pension paid into a Spanish bank as I am looking to leave blighty in the near future as I am getting disenchanted with life in England.
I'll be watching the answers carefully Hawkeye. Hopefully there will be taxation agreements so that tax can be paid in Spain rather than the UK.
 
Hawkeye said:
Hope this is the right area does anybody know what I need to do to have my pension paid into a Spanish bank as I am looking to leave blighty in the near future as I am getting disenchanted with life in England.
Are we talking goverment pension RN, Old etc or private or company pension.

If it is a Goverment pension it can be paid directly into your Spanish bank in Euros at no cost and will be paid at the exchange rate of the day. As the rate goes down you get less Euros, as it goes up you get more.

If it is a private of Company pension then they will pay it into a UK bank or a Spanish Bank in GB Pounds and you will have to pay to have it transferred and changed into Euros. The cost of this can vary greatly if you want further advice on the ways to approach this then PM me.

NUtty
 

Hawkeye

Lantern Swinger
slim said:
Hawkeye said:
Hope this is the right area does anybody know what I need to do to have my pension paid into a Spanish bank as I am looking to leave blighty in the near future as I am getting disenchanted with life in England.
I'll be watching the answers carefully Hawkeye. Hopefully there will be taxation agreements so that tax can be paid in Spain rather than the UK.
Alas I think they will still tax it before it gets to Spain but we will see
 
slim said:
Hawkeye said:
Hope this is the right area does anybody know what I need to do to have my pension paid into a Spanish bank as I am looking to leave blighty in the near future as I am getting disenchanted with life in England.
I'll be watching the answers carefully Hawkeye. Hopefully there will be taxation agreements so that tax can be paid in Spain rather than the UK.
Slim you can elect, if your register as a resident of Spain to pay your income tax in Spain or the UK, currently 28% in Spain and is it 20 or 22% in UK. If you have load of dosh seek professional advice before you leave the UK. If like my wife and I its in the 20/30 thousand mark then we pay UK income tax at the moment as it seems a better deal.

You have to register with the National Police if you live in Spain for more than six months not that they exactly chase you up. When you obtain resident ID card you will no longer need to carry a passport in the EC except for UK, Ireland and the odd Skandanavian Country. You also have to change from a non-residents bank account to a residents bank account. To date we have found that it has made difference to our particular finances. PM if you need more advice.

Nutty
 
PS be warned the taxation department of EC countries do talk to each other. If you fall off the screen in UK you may find pension's and financial life in Spain difficult. You cannot buy a house without a NIE National Economic Number. You cannot buy a car, legally, without a Padron ie register at the local town hall as resident at that address. A bit like a voters registration in the UK.
 

Hawkeye

Lantern Swinger
Nutty said:
Hawkeye said:
Hope this is the right area does anybody know what I need to do to have my pension paid into a Spanish bank as I am looking to leave blighty in the near future as I am getting disenchanted with life in England.
Are we talking goverment pension RN, Old etc or private or company pension.

If it is a Goverment pension it can be paid directly into your Spanish bank in Euros at no cost and will be paid at the exchange rate of the day. As the rate goes down you get less Euros, as it goes up you get more.

If it is a private of Company pension then they will pay it into a UK bank or a Spanish Bank in GB Pounds and you will have to pay to have it transferred and changed into Euros. The cost of this can vary greatly if you want further advice on the ways to approach this then PM me.

NUtty
Cheers nutty I have sent you a PM
 
Just to let you know, if you are not aware already: there is an Adjournment Debate scheduled in the House of Commons on Wed (31 Jan 07) on Armed Forces pensions. If you're thinking of going, be warned: Adjournment debates take place after all other Business for the day has been completed, so you could be up quite late!
 
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