Pension warning for ex-pats

LAST UPDATED: 23 Oct, 2013 @ 15:27
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Pension warning for ex-pats

EX-PATS could miss out on their UK pensions due to new EU regulations, the UK Department of Work and Pensions (DWP) has warned.

From January 31 the DWP will need an International Bank Account Number (IBAN) and a Bank Identification Code (BIC) to make payments to expats across the eurozone.

The new rules are being introduced to make payments between EU countries faster and more secure.

The DWP already holds IBAN and BIC details for most customers, but those that need to provide the details will soon be contacted by letter.

A spokesperson for the British Embassy in Madrid said it is essential customers return their details as soon as possible to ensure their payments are not stopped.

Those affected to can get their IBAN and BIC from their bank, or a bank statement. They are being advised not to hand over passwords, or any other details relating to their bank account.

Ex-pats who have their pension paid into a UK account are not affected by the legislation.

4 COMMENTS

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  1. Does anybody know any European banks which will accept payments WITHOUT an IBAN and BIC. EU fiddlers with too much caffeine in their coffee again, they really are a waste of space. Can’t do anything useful with their time like drafting regulations to stop people having their houses pulled down because of corrupt builders and council officials.

  2. ALTHOUGH, I HAVE NOT LIVED IN SPAIN FOR NOW 18 MONTHS….I HAVE A RESIDENT SPANISH ID CARD..AND I OWN 40% OF A PROPERTY IN THE PROVINCE OF CANTABRIA.

    ..I UNDERSTAND FROM MY RENTER, A CERTIFIED LETTER WAS SENT TO ME…I WAS NOT THERE AND THE LETTER WAS NOT ACCEPTED.

    I AM US AND OFFICIALLY NOTED AS RETIRED..I DO NOT WORK IN SPAIN AND HAVE NEVER DONE SO.

    IS THE ARTICLE NOTED ABOVE THE ISSUE PERHAPS OF THE CERTIFIED LETTER..I WOULD REALLY LIKE TO HEAR FROM OTHERS.

    RH/USA..NOW IN KEY WEST, FLORIDA

  3. @RH

    This only for payments between European Union countries and will have no effect on you as you are now back in the USA. I suspect your certified letter was for one of the following non payment of property tax, non payment of water, rubbish tax etc. There was a recent change in the rules on making an income from rental property so it may have something to do with that.

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