Thinking of moving abroad
If you are thinking of moving abroad you will need to consider how you would like your pension to be paid. Do you want this to continue to be paid into your current UK account or would you like it to be paid into a local account in your new country of residence?
If you would like to change your bank to one abroad you will need to let us know. You will also need to let us know your new address.
If you would like your pension to be paid to an overseas account, we use Crown Agents Bank to make the payments.
Are there any charges?
Yes. A monthly charge of £4.00 will be taken off your net pay before your pension is converted into your local currency.
Benefits to you
- Your pension is paid faster, although this might be after the 1st of the month
- Your pension is credited directly to your bank account
- Increased reliability and convenience
- Improved foreign currency exchange rate
- Lower bank charges because your pension is paid in a local currency
Crown Agents will process your pension through its international network. They take off the £4.00 charge then convert the amount of the payment to your local currency, thus avoiding foreign exchange conversion charges that would otherwise be charged by the receiving bank.
How much will be paid into my account?The exact amount will vary depending on exchange rate fluctuations. However you will receive an improved exchange rate because of the sheer volume of payments giving bulk purchasing power. Additionally no charge should be deducted by your own bank from the amount sent by Crown Agents.
What do I do to receive my payments via Crown Agents Bank?
Please complete a
mandate
for the country you will be moving to and
return it to us.
We will then make the necessary arrangements with Crown Agents to pay your pension directly into your chosen account.