# UK NHS Pension - alternatives?



## Manin_bcn (Jun 18, 2011)

Hi all, I receive a UK NHS Pension (I was eligible for early retirement at 50).

I received my lump sum (which I have invested) and receive a monthly pension equivalent to 1,100€/month, for the rest of my life (hope I live many years!)

My monthly pension is index linked and it is transferred to my Spanish bank account each month. I get the best rate of the day but it rarely varies as always seems to be 1,100€.

Question: should I just continue with the status quo or do something alternative. Not sure what?


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## 90199 (Mar 21, 2010)

I am in a similar situation, however I find it is better to let my pension accumulate in a U.K. bank account. When the exchange rate is favourable I transfer the money to my Spanish account using the services of Smart Currency Exchange, this company is based in London, providing I transfer over £3000 or over I do not pay commission. The exchange rate is also excellent.


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## Alcalaina (Aug 6, 2010)

Me too, but I use HIFX. 

Does your bank statement tell you what exchange rate is being used?


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## morlandg (Jun 8, 2008)

Manin_bcn said:


> Hi all, I receive a UK NHS Pension (I was eligible for early retirement at 50).
> 
> I received my lump sum (which I have invested) and receive a monthly pension equivalent to 1,100€/month, for the rest of my life (hope I live many years!)
> 
> ...


Firstly - does the NHS pension only become index linked once you are 55?
I guess your final salary must have been in the order of 27.5K
I also have my NHS pension transferred direct into my spanish bank account each month but am about to ask them to pay it into my UK bank account and transfer it, as and when the rate is good or I need some cash, into my spanish bank account using currencyfair. All the companies recommended here on this forum are excellent but imo currencyfair is the best.
Having said that - if you transfer your 1,100 euros monthly then you will only gain, even with currencyfair, some 10 euros. If you let your pension accrue and then transfer it then obviously you will gain more.
As we speak the exchange rate is 126.12 with 3 euros fixed commission to pay.


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