Pensions News For British Expats in Italy
It would be very unfortunate if you saved into a pension, and on relocating to another country forgot about it. Or worse, you did not know how to receive the payments on retirement. For older British expats, the money they have amassed in their pension funds could help improve their quality of life in their new country.
With this in mind, the British embassy in Rome released information that would be of interest to those British expatriates in Italy. Information regarding their UK pensions and benefits payments, which they will soon be able to receive in Italy.
Have your IBAN and BIC details ready
Those British expatriates in Italy, who receive UK pensions and benefits will be contacted by the Department of Work and Pensions (DWP). Who will be contacting to confirm international bank details, which will allow payments to be made in a timely manner. These payments will be made from 31 January 2014 to accounts in Eurozone countries, one of which is Italy. To complete the transaction an International Bank Account Number (IBAN), and a Bank Identification Code (BIC) will be required.
The change has come through a new European Union (EU) regulation, with the main motivation being faster and more secure payments between EU nations. Currently the vast majority of IBAN and BIC details for customers are being held by the DWP. However, there are still many expats for whom no details are held, and these expatriates will soon receive letters that will ask for the necessary information.
You may not know if your details are currently held, receiving a letter will be the indication that you need to provide them. DWP officials have asked customers who get a letter in the post to complete the form and return it to the department as quickly as possible. If you do not know your IBAN or BIC details you do not need to panic. Those can be found on your bank account statement, or you can get them straight from your bank.
Failing to reply will mean your payments will be stopped
It is important to note that if you receive the letter and you fail to respond, there is the strong possibility that all payments will be stopped. The reason is that from the 1 February, banks in all Eurozone countries will require these new details before they make any direct payments.
Another point that should also be noted, is that additional bank details will only need to be provided if you are an expatriate receiving payments into an account outside United Kingdom but inside the EU and if you receive a letter. Those British expatriates in Italy whose pension or benefit is paid into an account in the UK, or whose IBAN and BIC details are already with the DWP, will not have to worry about the new regulations as they will not be affected.