most cost efficient way of collecting my English pension here?

R

robd10

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Hi guys, have been stalking the forum for a while and now could do with some advice.
I have recently retired in England and my pension is being paid to an English bank and transferred to the Ulster bank when needed. I have taken up Irish residency so its now time to have it paid direct to an Irish bank. I bank with Ulster and just about to open an account with Northern rock, I haven’t approached either bank yet re the pension, thought I might get some info. here first.
Any suggestions on the most cost efficient way of collecting my English pension here?
regards
 
Re: English pension, how to collect?

Hi

I know someone else collecting a UK pension - its as easy as providing them with your new bank account details (Iban etc)

Cheers
 
It just goes straight into which ever bank account you specify regardless of where you live, if you are within the EU region. Your question is probably related to the exchange rate of sterling to euro. My experience of transactions between the currencies has always been that the rate on the day the funds arrive is applied unless sums are in the tens of thousands of sterling in which case you need to negotiate with the receiving bank or pre-arrange terms.
 
My understanding is that the Dept. of Work and Pensions, Newcastle, pay your pension into the English bank (holding bank) where it is converted to Euro and then transferred to your nominated bank in the Republic. It takes around four days to reach your bank from the date it's due. The exchange rate varies but averages out over the year. I'm not aware of any other safe method of collecting your English pension here.
 
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