UK Pension

[John Sibson]

Is there anyone on this forum who worked for Philips (Mullards) in the UK and is receiving a monthly Philips Pension and is finding they are now being charged a "Swift Fee"by their bank,please contact me on j.g.sibson@bigpond.com

Thanks John

[BacktoDemocracy]

10 hours ago, John Sibson said:

Is there anyone on this forum who worked for Philips (Mullards) in the UK and is receiving a monthly Philips Pension and is finding they are now being charged a "Swift Fee"by their bank,please contact me on j.g.sibson@bigpond.com

Thanks John

Just check, but that fee might be being charged by your bank, I would check with the originators of the payment and see if it can be paid thro a different system, it may be slower but free of charge via a different system, I make international payments one way and its no charge but takes 24 hours , if I do it within 4 hours payment time there is a quite big charge for that

[John Sibson]

Yes,it is being charged by my bank as they are charged with an increase in processing fees and must pass this charge on to me.I have asked the originators of the payment to revert back to the method of transfer that has been used for 17 years(Western Union) but they refuse and tell me to take it up with the UK Ombudsman Service.This has been going on for 3 months now and they keep blaming my bank for the charge. Thanks for your reply.Regards  John..    PS. I have never asked for a quicker transfer,I don't care if it takes 7 days or more.

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11 hours ago, John Sibson said:

Yes,it is being charged by my bank as they are charged with an increase in processing fees and must pass this charge on to me.I have asked the originators of the payment to revert back to the method of transfer that has been used for 17 years(Western Union) but they refuse and tell me to take it up with the UK Ombudsman Service.This has been going on for 3 months now and they keep blaming my bank for the charge. Thanks for your reply.Regards  John..    PS. I have never asked for a quicker transfer,I don't care if it takes 7 days or more.

If you have a UK bank account for payments to go into then you could be in charge of fees and you could save the payments in your UK account and make one transaction and probably get a better rate for a larger sum, there must be alternatives to how you are doing it at the moment.

This must be a common problem for uk pensioners, I would pose a question to the momeycorp man in the Finances forum on here, the bank rates of exchange are always worse than the Forex firm's 

[John Sibson]

Thanks for your reply. No,I don't have a UK Bank Account,I have never had a need for one after 38years in Australia. The part pension paid by the British Government has been paid for years now without any problem at all.This has just started after my private pension people changed their administrator and the method of international transfer has been changed using the Swift Payment Network.This,I gather,is one of the most expensive ways of transferring funds,especially with small amounts.

Regards John

[Marisawright]

42 minutes ago, John Sibson said:

Thanks for your reply. No,I don't have a UK Bank Account,I have never had a need for one after 38years in Australia. The part pension paid by the British Government has been paid for years now without any problem at all.This has just started after my private pension people changed their administrator and the method of international transfer has been changed using the Swift Payment Network.This,I gather,is one of the most expensive ways of transferring funds,especially with small amounts.

Regards John

Sounds like there’s not much you can do about it. Can you opt to receive the pension quarterly instead of monthly so it’s a bigger sum?

[John Sibson]

Yes,will probably request a 6 month payment instead of a monthly one.

[BacktoDemocracy]

On 16/5/2019 at 02:02, John Sibson said:

Thanks for your reply. No,I don't have a UK Bank Account,I have never had a need for one after 38years in Australia. The part pension paid by the British Government has been paid for years now without any problem at all.This has just started after my private pension people changed their administrator and the method of international transfer has been changed using the Swift Payment Network.This,I gather,is one of the most expensive ways of transferring funds,especially with small amounts.

Regards John

This might help in understanding how you have got caught up in this

https://en.m.wikipedia.org/wiki/Society_for_Worldwide_Interbank_Financial_Telecommunication