You are here: Home - Retirement -

Pension payments suspended for expats in Cyprus

Written by:
Pension payments into Cypriot bank accounts for British expats have been suspended by the UK’s Department for Work and Pensions.

The suspension will remain in place even as banks re-open following a near fortnight enforced closure.

Pension Minister Steve Webb announced that his Department’s present advice to British recipients of pension payments is to either arrange for pension payments to be switched to a British account already held or make arrangements to open a new account. Webb’s statement confirmed that HM Treasury has worked with Barclays to put in place a process so that affected individuals can open a bank account quickly if they wish to do so.

This latest decision to put pension payments on temporary hold reflects the prevailing uncertainty around the current situation. The DWP confirmed it had received reports that payments made to Cypriot bank accounts had not been credited to a bank-holder’s account during the time banks have been closed. “UK citizens in Cyprus can be assured that their UK State Pension payments and benefits are being held safely and will be processed when the situation in Cyprus becomes clearer.”

Expats affected by this temporary suspension of pension and benefit payments are advised that information on switching bank accounts in order to receive payments is available at the International Pensions Centre

Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Nationwide revamps savings range with member-only exclusives

The building society offers competitive rates for the high street – but they can be beaten online.
Nationwide revamps savings range with member-only exclusives

Universal Credit and other benefits to rise for first time in five years

People on Universal Credit and other working-age benefits will see their payments increase for the first time...
Universal Credit and other benefits to rise for first time in five years

Queen’s Speech confirms new pension rules

The Pension Dashboard, which will enable savers to view all their pension pots in one place, at the touch of a...
Queen’s Speech confirms new pension rules

Ryanair jetting towards US flights for £10

Ryanair is on course to achieve its long-held ambition of offering transatlantic flights to the US – and the...

Investing in car parks: a good vehicle for income seekers?

As the search for income continues, many investors are turning to alternatives, with car parks becoming increa...

A quick guide to guarantor loans – in association with Guarantor Loan Comparison

Considering a guarantor loan or becoming a guarantor yourself? Read our essential guide...

Results round-up: Companies to watch this week

Mulberry and more will face the music this week.

Product launches of the week

Select Property Group, Schroders, Leeds Building Society and more have exciting news this week.

Money Tips of the Week

  • RT @YourMoneyUK: Government plans cut to minimum shared ownership stake
  • RT @WeareJust_PR: “Families tend not to talk about money and death. But if we don’t talk about these themes it becomes very hard to make pr…
  • RT @RoyalLondon: Voluntary NI contributions to state pensions have risen - @stevewebb1 hails this as “great news that the message is gettin…

Read previous post:
Regulator to monitor Twitter for signs of mis-selling

The new financial regulator will be "much broader" in its approach to identifying product mis-selling and other problems - including...