# Do you HAVE to move your pension?



## hopalong35 (Mar 2, 2015)

Hi

I would like to know if you HAVE to have your UK state pension paid into a Spanish bank or can you just transfer it over every now and then?

Will def be moving over healthcare benefits - does this go hand in hand with pensions?

Will prob move private pension payments over though as I assume that the tax paid on it in Spain will be better than UK??

Thanks!


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## xabiaxica (Jun 23, 2009)

hopalong35 said:


> Hi
> 
> I would like to know if you HAVE to have your UK state pension paid into a Spanish bank or can you just transfer it over every now and then?
> 
> ...


you can have it paid wherever you want - though many / most seem to say that they get a better exchange rate by having it paid directly into a Spanish account

yes healthcare is linked to your pension, inasmuch as state pensioners are issued S1 forms with which to access healthcare here 

wherever you have the pensions paid, you would still have to make a tax declaration here in Spain


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## 90199 (Mar 21, 2010)

My pensions are paid in the U.K. into a U.K. account, I let them accumulate until the rate of exchange benefits me and then, using a currency dealer, I transfer a large amount to my Canary Island account. 

That way I do not pay commission and I get a far better rate of exchange than the banks offer, plus I am in control of my finances.

I pay tax in the U.K. and I also have payed tax in Spain.


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## extranjero (Nov 16, 2012)

hopalong35 said:


> Hi
> 
> I would like to know if you HAVE to have your UK state pension paid into a Spanish bank or can you just transfer it over every now and then?
> 
> ...


When you say healthcare benefits what do you mean?


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## hopalong35 (Mar 2, 2015)

extranjero said:


> When you say healthcare benefits what do you mean?


I just mean thee hole S1 form business as he is over 65. Wonder d if doing this triggered some kind of internal thing that the UK government moves your pension too?


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## extranjero (Nov 16, 2012)

If you talking about paying tax in his pension in Spain then you have to apply to HMRC , for the documentation. It won't automatically happen when you contact DWP about his form for free health care.
By the way, what part of Murcia is he thinking of moving to?


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## hopalong35 (Mar 2, 2015)

He really likes the person Polaris resorts but not sure which one yet. La Torres and Haciende Requiemie seem really nice and within price range


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## Alcalaina (Aug 6, 2010)

hopalong35 said:


> I just mean thee hole S1 form business as he is over 65. Wonder d if doing this triggered some kind of internal thing that the UK government moves your pension too?


Not at all. The same UK department (DWP) deals with both the pension and the S1, but you can choose whether you want the money paid into a UK bank or a Spanish one. It doesn't affect the healthcare.

I went through this last year, and opted to have the pension paid into my Spanish bank. Not only do I get a better exchange rate but it means I can have a commission-free bank account (cuenta nómina) because I have more than €600 a month going in. Otherwise, the bank charges here can be quite high.


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## gus-lopez (Jan 4, 2010)

hopalong35 said:


> He really likes the person Polaris resorts but not sure which one yet. La Torres and Haciende Requiemie seem really nice and within price range


See what the banks have to offer. Last time I looked ;
Venta de pisos y locales al mejor precio en SERVIHABITAT INMOBILIARIA

which is the property selling arm of Caixabank ( La Caixa) , had 000's of apartments on the Polaris sites for sale & rent. They were asking per month for rental what owners were asking per week.
Other banks have the same sort of set ups.
P.s. If you go in a La Caixa branch they have clour mags of properties available.


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## Smithkei (Sep 26, 2014)

You can't choose where to pay tax, salary or pension. Depends where you live. Normally if you spend 183 days in a country you fall under that tax regime irrespective of where your money is received.


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## xabiaxica (Jun 23, 2009)

Smithkei said:


> You can't choose where to pay tax, salary or pension. Depends where you live. Normally if you spend 183 days in a country you fall under that tax regime irrespective of where your money is received.


yes that's correct as far as paying tax / doing a tax return is concerned

but the OP was asking if the UK pension has to be paid into a Spanish bank account once you move here - & it doesn't, under current rules


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