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Pension payments suspended for expats in Cyprus

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28/03/2013
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 www.gov.uk/international-pension-centre.

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