UK government pensions in Cyprus (not State pension)
#1
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Joined: Apr 2015
Posts: 6
UK government pensions in Cyprus (not State pension)
As previous mentioned I intend to work full time later this year (soon) in Cyprus. As I get an UK Armed Forces pension, I wondered if there is any good advice about how I get it paid either to Cyprus or UK, and transferring money back and forth.
#2
Re: UK government pensions in Cyprus (not State pension)
I will probably be better to have the pension paid into your UK bank account and then transfer over as and when you want it to your Cyprus account. It is always quicker and cheaper to use a FX company such as currency fare.
#3
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Joined: Apr 2015
Posts: 6
Re: UK government pensions in Cyprus (not State pension)
"themajor" Thanks for the reply, good to know.
#4
Re: UK government pensions in Cyprus (not State pension)
I’m in the same position were I’m getting a full service pension, but I’m lucky enough to also have a separate income from investments. I would like to retire back to Cyprus (served in RAF Akrotiri 1997 – 2000), what would be a livable monthly income to not have to work when we return to Cyprus?
#5
Re: UK government pensions in Cyprus (not State pension)
Hello Dyfi, how long is a piece of string. Each of us have different life styles, eating habits, etc etc etc. So there is no real answer to your question. We as a couple average around €1300.00 a month inclusive of everthing, such as rent, haircuts, car insurance etc. Lucky me my wife loves cooking and the local fresh fruit and veg which is cheap. We have a very good deal on the rental.
#6
Re: UK government pensions in Cyprus (not State pension)
Many thanks for your reply. I know it’s down to personal lifestyle, I’m just after a guide to whether it's an achievable goal to retire on the island and not have to work. When I left the forces my aim was to slowdown, but that didn’t go the plan when I started my own business. I never had to worked so hard!
#7
Re: UK government pensions in Cyprus (not State pension)
You should be able, and it's cheaper, to get your pensions paid direct into your Cyprus bank, pensions must be paid into your account with no transfer fees at the UK end, and usually get a better rate then even the money transfer people. We did this in Spain, and the money arrived the day it would have into a UK bank account, never had any problems and always a good rate.
#8
Re: UK government pensions in Cyprus (not State pension)
The problem with having any monies paid direct to the Cypriot banking system, is that if things go belly up your kind of stuck. Hence the reason to transfer as and when required.