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07

UK pensioners in Greece can receive state pensions 'in the usual way', says chancellor

Open-access content Thursday 2nd July 2015

Chancellor George Osborne has moved to allay the fears of UK expatriate pensioners in Greece caught up in the debt crisis.

2

There are 40,000 British people in Greece, including 6,000 receiving a state pension and about 300 receiving public sector pension payments.

The Greek government has closed banks until 6 July and limited withdrawals from cash machines to €60 (£42.58) per day.

Speaking in the House of Commons about the financial crisis in Greece, Osborne said the Greek bank accounts of UK residents were subject to restrictions, but not UK accounts. 

"International payments into Greece are exempt from the restrictions that the Greek authorities have placed on the banking system," said Osborne. "That means that UK government payments, including state pension and public service pension payments, should be permitted, and I can confirm that those payments will continue to be made in the usual way.

"However, the situation remains fast-moving and uncertain, and we will keep it under constant review. I recognise that people may be concerned."

Osborne said the Department for Work and Pensions (DWP) and public service pension administrators would attempt to contact those using a Greek bank account to draw payments to help them switch accounts.

"These people will be helped to switch these payments to a non-Greek bank account if they wish," he added.

For public service pensioners who use a Greek bank account to draw payments, the DWP said their scheme provider would attempt to contact them to "talk through the options" or alternatively they could contact their providers for more information.

Pensioners can contact the DWP on +44 191 218 7777 from Monday to Friday from 8am to 6pm BST, and Saturday from 8am to 4pm for more information.

This article appeared in our July 2015 issue of The Actuary.
Click here to view this issue
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