THEFT OR 'BORROWED'

New sterling to euro rules means sterling to euro pensions now take up to eleven days to reach the banks of Euro Zone recipients. This is blatant seizure of monies by banks. How long can Western society survive such corrupt ‘borrowing’ of tens of millions of euros by an unaccountable faceless few… aided and abetted as always by bought politicians.

Just….. A friend was distressed by late arrival of his pension, usually every fourth Tuesday. When it had not arrived by the Thursday he checked with UK Pensions. They explained that his pension had been approved / sent December 9. He expected it as usual 10 / 11.

No longer under recently revised sterling - euro transfer system. He visited his Spanish bank. They explained that it will now take up to seven working days for it to appear in his account. This would be December 20 after being sent on December 9.

This  month’s OAP and Gov employee pension arrived the next day and I got just on 1.20 euros to the pound, and of course no charges.   

 Perhaps I was lucky.

New sterling to euro rules

So just what are the ''new rules'' that mean pension payments will take up to 11 days to reach European bankS? Or perhaps your friend needs to change banks.........................

There is another EU attack on your ‘hard earned’ due very soon. It appears that all the EU  governments feel very sorry for those who didn’t get as much as they were expecting on retirement due to the poor performance of share investments, amongst other reasons.

So the plan is to make pension fund managers invest in ‘safe government’ bonds to protect pension policy holders from poor returns in the private financial services, on maturity.

Now this is what you call theft on a grand scale – God help anyone who was forced to put their contributions into a Spanish ‘scheme’ – In fact God help anyone who has funds directed to any Greek, Italian, Spanish or Portuguese government bonds.

I bet the politicians are really excited about the prospect of another pot to pillage.      See link below.

http://www.dailymail.co.uk/money/pensions/article-2160936/Millions-values-pensions-slashed-20-new-EU-rules-send-annuities-plummeting.html

Life today is a constant battle of wits, the plebeians (that is us) trying to avoid being scammed by the big operators. It is often futile as the unscrupulous make up the rules and the laws. It is a feeding frenzy. They are self-licensed to rob.

According to Credit Suisse Swiss Bank, the wealth of the rich in Spain has increased by 13.2%. Since mid-2012 Spain has added 47,000 euro millionaires to its rich list.

Mike re Poppy's post:      

So just what are the ''new rules'' that mean pension payments will take up to 11 days to reach European banks ?

I too should be grateful if you would poin tus to where those new rules are published. I have searched the internet but without luck. 

Thanks   John

The information and the reasons given for the delays were provided by my bank’s manager. For obvious reasons I am not privy to the workings of the EU inner sanctums of fiscal laws decision making. Equally, the financial advisor would not wish to be quoted.

However, there appears to be a change in fiscal information required of transfer recipients. This is causing delays. I am in this case the messenger. If you are victim too then why not do as I have done and ask your bank for the delays.

The information and the reasons given for the delays were provided by my bank’s manager. For obvious reasons I am not privy to the workings of the EU inner sanctums of fiscal laws decision making. Equally, the financial advisor would not wish to be quoted.

However, there appears to be a change in fiscal information required of transfer recipients. This is causing delays. I am in this case the messenger. If you are victim too then why not do as I have done and ask your bank for the delays.

Thanks Mike, but I am asking because my payments this month were on time compared with previously.

I wonder if Poppy was right, your friend may need to change his bank.

No problems, as I was told, it won’t effect all and is largely based on the changed requirements relating to fiscal identification information provided. I was told it would take time to bed in. I might advise the victim to consider having his pension paid into his £ UK account. Then, if he is in the fortunate position of leaving it there until the rate is in his favour he can call the shots.

This slots in just nicely with the other story in the Mail today...Robbing gits.

Clegg wont agree with the government cuts to benefits from, £26,000 = £500,00 per week, and also to limit child related handouts for the "Scroungers," he called them jobless, unless the pensioners perks are also hit / cut / reviewed  i.e.: Free TV licences, bus passes and winter fuel payments.

No mention made about if these were to apply to the better of pensioners, so considering you pensioners all get an eye watering amount of £110.00..A week no less,  from the state......This means you.

What do they say about no smoke without fire?

Mike:  I might advise the victim to consider having his pension paid into his £ UK account. Then, if he is in the fortunate position of leaving it there until the rate is in his favour he can call the shots.

Mike.    As you will see I got just on 1.20  euros to the pound with no charges.  To make the transfers from a UK bank it would be extremely difficult to equal that, the exchange rate would need to quite considerably better, and the Spanish bank may also charge  to receive the funds, whereas pension transfers direct are (I believe always)  without charge.

In fact the reason I had my Government pension paid to my Spanish bank, was that I wanted to top up my account.  So I got two months Gov pensions, paid to that account (rather than as usual paid to a UK bank). That way I got a much better deal than I would have if I made the transfer myself.

My thanks to constructive posters. The saga continues. The earliest the disgruntled Spanish resident pensioner can expect his pension is an incredible 18 days after it was released by UK Pensions (December 5 he is now told).

UK Pensions as always were polite, sympathetic and helpful. They are not to blame. The pension was returned to them by the Spanish banks. UK Pensions sent it once again on December 18.

They have no idea why it was returned as the SWIFT and IBAN numbers were unchanged. She did say that massive changes in the Spanish banking system are causing immense problems.

If you are unaffected then good luck to you. The frustrating part is that when push comes to shove there is absolutely nothing we can do about it. The banks and their system are omnipotent.

The banks and their system are omnipotent.

But more importantly, they employ people who are human and thus mistakes can be made.

I just got a SWIFT payment returned by a Bank in New York (human error).  The only good thing was that I when I called Nationwide in UK to ask why it had not arrived, and they said they would put a 'chase up' on it, but it would take another five working days, but when I called the bank in New York (not my bank)  within ten minutes they told me the payment had been returned.  Maybe USA don’t have hang ups about Data Protection.