UK Bank Account for Post-BREXIT

JonMac

I have a [modest] UK company pension from when I worked there. The pension provider has just written to me to say they may not be able to pay my pension into my ROI account after BREXIT, and suggest I open a UK account.
Anyone know if this is even possible?
Thanks.

Zardoz

JonMac wrote: »

I have a [modest] UK company pension from when I worked there. The pension provider has just written to me to say they may not be able to pay my pension into my ROI account after BREXIT, and suggest I open a UK account.
Anyone know if this is even possible?
Thanks.

You can open one with Ulster Bank

https://digital.ulsterbank.co.uk/personal/current-accounts/eu-residents-hub.html
Fill out the form and provide the documents required .
It can all be done by post.

Gooser14

JonMac wrote:

I have a [modest] UK company pension from when I worked there. The pension provider has just written to me to say they may not be able to pay my pension into my ROI account after BREXIT, and suggest I open a UK account. Anyone know if this is even possible? Thanks.

As an alternative you could open a Revolut account & get your UK pension paid into it.

368100

Or Bank of Ireland in Newry

Jim2007

Gooser14 wrote: »

As an alternative you could open a Revolut account & get your UK pension paid into it.

They may not even be able to offer services after BREXIT as a UK financial services company without passporting. Alternatively they most likely will service EU accounts from outside the UK in which case the OPs pension fund will not be able to pay the pension into it.

A bricks and mortar solution is required.

Gooser14

McBain11 wrote:

Also, very importantly. Anyone who has ever been in monthly prize leagues in FPL will know there's a bit of a quirk. Take GW4 as an example. If I make 4 transfers costing me 12 points, before the GW4 deadline, which is the first GW in the September total - these will not be deducted from your September tally. Please anyone correct me on that if I'm wrong!!! I'll just attach a couple of links below on that particular quirk in monthly tallies.

Jim2007 wrote:

A bricks and mortar solution is required.

So if you have a UK bricks & mortar bank account presumably one could still use the likes of Currency Fair for exchange & transfer of funds to Ireland.

Jim2007

Gooser14 wrote: »

So if you have a UK bricks & mortar bank account presumably one could still use the likes of Currency Fair for exchange & transfer of funds to Ireland.

It is very difficult to say, I would imagine in the long run the answer will be yes but what it will take to get there is unknown. It could be very easy or it could take time... A50 terminates every single agreement between the EU and the UK and that includes financial services.

The other concern would be that the UK may need to introduce exchange controls as they did in the past.

JonMac

Thank you for the inputs. I will call my [very] friendly BoI manager and ask her about a UK account.

Quackster

Whatever about after Brexit, you really would benefit from having it paid into a Revolut (or other similar) account now. I'm sure BOI is siphoning off a nice whack of it for the 'privilege' of converting it into euro for you.

Jim2007

JonMac wrote: »

Thank you for the inputs. I will call my [very] friendly BoI manager and ask her about a UK account.

Quackster wrote: »

Whatever about after Brexit, you really would benefit from having it paid into a Revolut (or other similar) account now. I'm sure BOI is siphoning off a nice whack of it for the 'privilege' of converting it into euro for you.

The key point here is that the account must be under the jurisdiction of the UK, not any kind of sterling account held in another jurisdiction. It is very hard to believe that the UK government would allow the banking system to get into this kind of difficulty because it will impact not just pensions... then again they don't seem to have any real plan either... so better save than being without a pension while they figure it out.

Wheety

Can you use a Revolut account?