# Civil Service Pensions



## Ann&Geoff (Feb 26, 2008)

Is there any Civil Service Pensioners out there who are fed up with the low exchange rate they receive in foreign bank accounts, and would like to take it further?

Ann & Geoff


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## Stravinsky (Aug 12, 2007)

Ann&Geoff said:


> Is there any Civil Service Pensioners out there who are fed up with the low exchange rate they receive in foreign bank accounts, and would like to take it further?
> 
> Ann & Geoff


I always understood the Civil service got good rates. What rate are you getting now?

The alternative is to get it paid in the UK in sterling and then change it yourself. I can get 1.33 spot rate at the moment with the people I use. Or you can go to a commercial company and do a standing order to get a good rate


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## Ann&Geoff (Feb 26, 2008)

My pension received yesterday equated to €1.30 to the pound, which I am sure you will agree is not particularly good especially as old age pensioners are getting 1.325


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## Stravinsky (Aug 12, 2007)

Ann&Geoff said:


> My pension received yesterday equated to €1.30 to the pound, which I am sure you will agree is not particularly good especially as old age pensioners are getting 1.325


Well you will definately get a better rate than that if you change it to a UK bank and then perform the r/ex change yourself.

I dont think you'll get too far complaining to the Civil service .... its obviously a nice little money earner for them


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## Pasanada (Feb 5, 2008)

I hope the exchange rate is better when I receive my Civil Service pension at 60!!!


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## Ann&Geoff (Feb 26, 2008)

Pasanada said:


> I hope the exchange rate is better when I receive my Civil Service pension at 60!!!


Nearly a year on & the rate has gradually gone down to 1.11 in January 2009


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## Veronica (Apr 5, 2008)

Ann&Geoff said:


> Nearly a year on & the rate has gradually gone down to 1.11 in January 2009


Think yourselves lucky because that is better than most people are getting these days. The commercial rate on wednesday was 1.09.
It has been down as far as 1.02


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## Stravinsky (Aug 12, 2007)

Ann&Geoff said:


> Nearly a year on & the rate has gradually gone down to 1.11 in January 2009


Thats a good rate!


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## chris(madrid) (Mar 23, 2008)

Ann&Geoff said:


> My pension received yesterday equated to €1.30 to the pound, which I am sure you will agree is not particularly good especially as old age pensioners are getting 1.325


This is NOT the fault of the Civil Service.

Basically the pound is worth less GLOBALLY. You're paid in pounds and spend in Euros - Sorry but that is one of the risks of Foreign Exchange. 

The rate at the moment goes up and down dramatically depending on which currency is being attacked. Most STATE Fex is done at a standard rate for the day the exchange was made. A day later you can have VERY different rates.


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## Veronica (Apr 5, 2008)

Ann&Geoff said:


> Is there any Civil Service Pensioners out there who are fed up with the low exchange rate they receive in foreign bank accounts, and would like to take it further?
> 
> Ann & Geoff


It must be wonderful to have a civil service pension and not to have to keep working well into old age.


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## Ann&Geoff (Feb 26, 2008)

chris(madrid) said:


> This is NOT the fault of the Civil Service.
> 
> Basically the pound is worth less GLOBALLY. You're paid in pounds and spend in Euros - Sorry but that is one of the risks of Foreign Exchange.
> 
> The rate at the moment goes up and down dramatically depending on which currency is being attacked. Most STATE Fex is done at a standard rate for the day the exchange was made. A day later you can have VERY different rates.


I am afraid it IS the fault of the Civil Service as they employ a 'mickey mouse' American Bank to do their foreign exchange, My husband uses Nationwide to draw out a hole in the wall, and their rates are always higher, by around 2 points.

I appreciate the pound is not worth what it was but I am taking my information from the FE rates at the time!


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## Stravinsky (Aug 12, 2007)

Ann&Geoff said:


> I am afraid it IS the fault of the Civil Service as they employ a 'mickey mouse' American Bank to do their foreign exchange, My husband uses Nationwide to draw out a hole in the wall, and their rates are always higher, by around 2 points.
> 
> I appreciate the pound is not worth what it was but I am taking my information from the FE rates at the time!


Im a little confused.
The rate if exchange showing on SKY at the moment is 1.112, HIFX are showing 1.12 as a commercial rate, and you have 1.11

Why is the Civil service at fault, and for what.

I _do_ think you are being a little harsh


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## Ann&Geoff (Feb 26, 2008)

My point is that the rate of exchange negotiated for my pension is ALWAYS at a lower rate then my husband obtains from the Nationwide. Presumably I am paying to enhance the profits of this Yankee bank

Furthermore the Civil Service pension agency refuses to pay my pension to a sterling account in my Cyprus Bank,where I could then choose the time to exchange to euros. 
Tthe Cyprus banks always give better exchange rates and charges, than the UK ones, never mind the American one, and I would again save money!


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## Stravinsky (Aug 12, 2007)

Ann&Geoff said:


> My point is that the rate of exchange negotiated for my pension is ALWAYS at a lower rate then my husband obtains from the Nationwide. Presumably I am paying to enhance the profits of this Yankee bank
> 
> Furthermore the Civil Service pension agency refuses to pay my pension to a sterling account in my Cyprus Bank,where I could then choose the time to exchange to euros.
> Tthe Cyprus banks always give better exchange rates and charges, than the UK ones, never mind the American one, and I would again save money!


Mmmmm ... well maybe its Nationwide that are good then, not that CS is bad, because the r/ex you quote is actually what commefrcial exchange companies are quoting.

Can you not have it paid to a UK bank account in sterling and transfer yourself, or is that not viable


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## Veronica (Apr 5, 2008)

Ann&Geoff said:


> My point is that the rate of exchange negotiated for my pension is ALWAYS at a lower rate then my husband obtains from the Nationwide. Presumably I am paying to enhance the profits of this Yankee bank
> 
> Furthermore the Civil Service pension agency refuses to pay my pension to a sterling account in my Cyprus Bank,where I could then choose the time to exchange to euros.
> Tthe Cyprus banks always give better exchange rates and charges, than the UK ones, never mind the American one, and I would again save money!


Now I am confused.
This thread is on the Spain forum yet you talk about the Cyprus Bank.
Where are you?


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## Ann&Geoff (Feb 26, 2008)

*pensions*



Veronica said:


> It must be wonderful to have a civil service pension and not to have to keep working well into old age.



I stayed with the CS in days when the salary was much lower than the private sector, working several second jobs for several years to help out financially, re the prospect of a healthy pension; I also paid extra voluntary contributions which enhanced my pension but it cost me a lot over 15 years when I went without holidays & a social life, knowing that the state pension would be small, over 40 years of working & saving! I thought ahead, which has benefited me, but sadly people a little younger will not fare so well, CS or not.
I had planned to work for another 5 years in the UK, (local authority) after taking an early release package, but the tax on my earnings was too much & I decided to move from the UK instead, the benefits living here now far outweigh the workplace stress.
I just feel sad that the current financial situation causes problems for us all.


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## Ann&Geoff (Feb 26, 2008)

Stravinsky said:


> Mmmmm ... well maybe its Nationwide that are good then, not that CS is bad, because the r/ex you quote is actually what commefrcial exchange companies are quoting.
> 
> Can you not have it paid to a UK bank account in sterling and transfer yourself, or is that not viable


I have to-day written to Capita Hartshead requesting if there has been any change of policy with regarding paying pensions in sterling to a Cyprus Bank (or any other foreign bank) to a sterling account in that bank.

It is well known on Cyprus Forums that it is a big advantage keeping a Nationwide account in UK, and this will be my next step to transfer to Nationwide. 

I am somewhat surprised that their reputation is not worldwide!


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## Ann&Geoff (Feb 26, 2008)

Veronica said:


> Now I am confused.
> This thread is on the Spain forum yet you talk about the Cyprus Bank.
> Where are you?


Cyprus currently!


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## crookesey (May 22, 2008)

Ann&Geoff said:


> I stayed with the CS in days when the salary was much lower than the private sector, working several second jobs for several years to help out financially, re the prospect of a healthy pension; I also paid extra voluntary contributions which enhanced my pension but it cost me a lot over 15 years when I went without holidays & a social life, knowing that the state pension would be small, over 40 years of working & saving! I thought ahead, which has benefited me, but sadly people a little younger will not fare so well, CS or not.
> I had planned to work for another 5 years in the UK, (local authority) after taking an early release package, but the tax on my earnings was too much & I decided to move from the UK instead, the benefits living here now far outweigh the workplace stress.
> I just feel sad that the current financial situation causes problems for us all.


With all that's currently going on in the financial world please forgive me for not having a single concern about you losing a few cents from your ring fenced, inflation proof CS pension.

I have lost 30% of my pension fund, my shares have gone down the pan and the investment property that I bought to suplement what I knew would be a low pension has lost 20% and is currently impossible to sell.

I was planning to retire this year, aged 62 but have decided to carry on for a while, albeit that I will pay just under £1,000 p/a of my taxes in order to fund public sector pensions. Also you guys consider that you have a right to take early enhanced bullet proof pension settlements whilst the rest of us work until we drop. The amusing aspect to your thread is that the CS is so inefficient that it can't even manage to find the best exchange rate for its ex employees. 

My ex public sector friends have had it from me time and time again, but still fail to see that they are in a privileged position. And please get off the old tried and tested band wagon of "I took a lower salary than I could have got in the private sector in exchange for the pension benefits". Since Labour came to power nearly 12 years ago average public sector earnings have outstripped those of the private sector, and it had doubled in size.

Rant over, no offence meant, but in times like these, please think twice before posting about a few missing cents.


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## Ann&Geoff (Feb 26, 2008)

crookesey said:


> With all that's currently going on in the financial world please forgive me for not having a single concern about you losing a few cents from your ring fenced, inflation proof CS pension.
> 
> I have lost 30% of my pension fund, my shares have gone down the pan and the investment property that I bought to suplement what I knew would be a low pension has lost 20% and is currently impossible to sell.
> 
> ...


I joined the CS in 1971 £17per week! not bad then, better than previous jobs where I had to threaten to leave to get a payrise & I hated the fact pay was unequal for men & women! never had the chance to buy shares, & now I am glad, but hate to see how badly others have fared, my pension is all I have now.
savings were soon lost in uk trying to keep a roof overhead, gave up in the end as a life like that is no life. Much happier in the sun, poor but no regrets.


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## Pasanada (Feb 5, 2008)

Veronica said:


> It must be wonderful to have a civil service pension and not to have to keep working well into old age.


We all make choices in life and some of us chose to work in the Civil Service. Are you suggesting that ALL Public Service employee's don't make a valued contribution to society? 

As a Mod on this forum, I find your comment unwarranted and unprofessional. I would expect more from someone in a position of power on here.


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## Veronica (Apr 5, 2008)

Pasanada said:


> We all make choices in life and some of us chose to work in the Civil Service. Are you suggesting that ALL Public Service employee's don't make a valued contribution to society?
> 
> As a Mod on this forum, I find your comment unwarranted and unprofessional. I would expect more from someone in a position of power on here.



At no time have I suggested civil servants dont make a valued contribution to society.
My comment was aimed at those who still find it neccessary to moan despite the fact that they are better off than those of us who do not have the luxury of being able to retire early on fat penions and have to keep on working just make ends meet.


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## Pasanada (Feb 5, 2008)

Thank you for your reply.

Many people who have never worked in the Civil Service know that our pensions are not as "fat" as they think.....like I previously stated, we all make choices in life, the Civil Service is open to anyone, not a select few. 

I'll be moaning when my CS pension kicks in....it's called human nature.

HTH


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## Ann&Geoff (Feb 26, 2008)

Yes, my CS pension & State retirement pension together still fall far below the amount required to pay tax, hardly a 'fat' pension, which is the reason I originally posted, I am 24% worse off than this time last year and savings depleted to get by, still better off than similar pensioners in the UK I think, but very disappointing after 42 years of full time work, no time off for family or career breaks
Ann


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## jojo (Sep 20, 2007)

TWO THIRDS of the worlds population are living in desperate poverty, without enough to eat, they are without homes, cars, electricity, running water and live in fear of disease. Many of them live in countries that are at war and their only concern is that they and their loved ones can stay alive for another day.

Jo


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## Pasanada (Feb 5, 2008)

jojo said:


> TWO THIRDS of the worlds population are living in desperate poverty, without enough to eat, they are without homes, cars, electricity, running water and live in fear of disease. Many of them live in countries that are at war and their only concern is that they and their loved ones can stay alive for another day.
> 
> Jo


Thanks for that, Jo. I know what you mean, I've visited some of those countries and deal with the problems faced in war torn countries daily.

Unfortunatley, until political problems are tackled with corrupt Govts, you will always have famine, a lack of basic infrastructure, medical services, education and civil war's....and thats without other countries invading!!

However, people are entitled to their pensions after working hard all their lives and contributing to society, it's not right that we should begrudge them or make them feel guilty.


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## jojo (Sep 20, 2007)

Pasanada said:


> However, people are entitled to their pensions after working hard all their lives and contributing to society, it's not right that we should begrudge them or make them feel guilty.


I dont begrudge anybody anything, nor am I trying to make anyone feel guilty, but lets all be GRATEFUL that we're lucky enough to be in the worlds minority

jo


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## Pasanada (Feb 5, 2008)

I would say we should be grateful we DO have a voice in what happens in our society without the fear of persecution, many countries don't afford it's citizens that luxury. When you compare the UK to other countries, we DO get a pretty good deal.

However, there is way too much poverty in the West and more needs to be done to eradicate this demoralizing disease.


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## Ann&Geoff (Feb 26, 2008)

That's another sad thing, when I was working & since I contributed to several charities regularily. I think many charities must be suffering from lack of funds in the current financial world crisis.


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## crookesey (May 22, 2008)

jojo said:


> I dont begrudge anybody anything, nor am I trying to make anyone feel guilty, but lets all be GRATEFUL that we're lucky enough to be in the worlds minority
> 
> jo


The wife's best friends husband thought himself lucky enough to be in the favoured minority this time last week, the next day he died of a heart attack. You have to grab hold of what is there when it's there and not worry about things that you have no control over.

I see no sense in making a huge life changing decision such as moving abroad and then whittling about events that effect everyone. The wealthier nations have gone soft, they couldn't have survived the austerity of a world war, my 83 year old mother loved life during the last war when everyone pulled in the same direction.

Having said that, it might have had something to do with all the GI's stationed neareby, apparantly her jitterbugging was second to none.


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## jojo (Sep 20, 2007)

I'm sorry, but I have absolutely no sympathy at all. I wont say all the things I'm thinking and I wont stick my nose in this topic again. Sorry, I dont mean to be rude, just my opinion. No hard feelings

Jo


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## Pasanada (Feb 5, 2008)

jojo said:


> I'm sorry, but I have absolutely no sympathy at all. I wont say all the things I'm thinking and I wont stick my nose in this topic again. Sorry, I dont mean to be rude, just my opinion. No hard feelings
> 
> Jo


I'm a little confused by your post, Jo. I don't think anyone suggested your opinion wasn't valid nor was anyone seeking sympathy in the last few posts (IMO)

No hard feelings from me either, I do enjoy a constructive debate!


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## Stravinsky (Aug 12, 2007)

This is just someone feeling unhappy about the rate of exchange they are getting for their pension

How has it escalated into this


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## Pasanada (Feb 5, 2008)

Stravinsky said:


> This is just someone feeling unhappy about the rate of exchange they are getting for their pension
> 
> How has it escalated into this


Do you want me to dish out some Happy Pills, Strav?


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## Stravinsky (Aug 12, 2007)

Pasanada said:


> Do you want me to dish out some Happy Pills, Strav?



Oh yes please that would be nice


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