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UK pension payment in France

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UK pension payment in France

Postby chelica2 » Wed 3 Aug 2005 07:17 GMT

Dear all,

I wanted to inquire about the ways I can receive pension once I retire in France. I heard I could get the pension paid directly into my bank account in France (once opened).
Could anyone tell me if there is any charge (payment fee) associated with the convenience of direct transfer and what the exchange rate might be.

Thanks!
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Postby jenni » Sat 13 Aug 2005 09:49 GMT

I am doing the same thing, with my Civil Service pension. I was told by t he admin people that there would be no extra charge for sending my pension direct to my Credit Agricole account in France. I have not done the same thing with the State pension yet, so I would welcome any advice about that from any others.
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TAXES

Postby RogerManley » Tue 18 Oct 2005 12:06 GMT

I have been living in France for exactly a year but still have to complete my first French Tax Return. I am looking for an accountant in Vendee who will help me submit my return. My pension is from a local authoity and is classiied with all "Government Pensions" as having to be taxed in the UK. I do not yet have a state pension but when I do it will be treated the same.
My wife has a State Pension (taxed in UK) and a company pension which will have to be taxed in France!
My lcal authority will not transfer my pension to my a/c with Credit Agricole, they insist on doing it via a clearing house and insist on monthly transfers, so the charges are significant. I continue to have my pension paid into a UK building society and transfer lump sums as required.
My wife recently had an unsolicited letter from the UK State Pensions Office saying they will transfer direct to our account in Euros and that as they buy Euros in vast sums we get the benefit of an excellent exchange rate andno chares. She signed up and it woks well.

Sorry for the ong post!
Any suggestions for a tax accountant in France?
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Postby john5655 » Mon 25 Aug 2008 06:34 GMT

agree with Roger on this one

although the UK Gov will send your OAP anywhere in the world, I would prefer to have it sent to an account in UK, then move what you want when you want it using the most cost efficient means

if they pay out in euros at a favourable exchange rate, then all the better, just put it into a euro acount in your UK bank

some prefer to use a forex dealer for money transfers, I just use internet banking
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payment of state pension

Postby billinlimoges » Thu 20 Nov 2008 12:30 GMT

there is no problem in getting your state pension paid direct into a french bank account. contact the Pension Service - tel number on their web site. there is no charge BUT you will have the contend with the exchange rate prevailing at the time of payment. we continue to have our pension paid into the UK and then at the time of our choice either withdraw cash or instruct a transfer. some banks will charge for a transfer up to £25 so one large transfer is better than several small ones.
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Postby Sunnydaze » Sun 6 Sep 2009 06:33 GMT

We have been here for 4 years and our pensions are made directly to our local bank. There have never been any charges .

However , when we had an account in Guernsey and had money transferred from that account to here we paid £40 to the bank in Guernsey.
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Postby AdamN » Sun 10 Feb 2013 13:16 GMT

Most people will get the same experience with a Channel islands or IOM account - £40 is expensive, but most will charge ar least £25 or such a transfer which makes it a pretty poor option. The pension can certainly be received into an French account and there won't be a charge to pay, just the fluctuating exchange to consider.

If you need the money for everyday costs then that is what i would suggest - alternatively if you make frequent visit to the UK then i know a lot of people who feel that it warrants maintaining a basic account in the UK and simply allow your pension payments to accumulate there and you then have exchange-free GBP at your disposal each time you go back. That one depends entirely on your own circumstances.
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