Brexit and private pension issues moving from the UK to Spain

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CVguru Member

Member since 06 February 2023

CVguruMember06 February 2023 18:13:58

Hi,

I want to move from the UK to Spain but all the SIPP pension providers will only pay into a UK bank account but if you move to the EU, UK banks will close down your account, does anyone have any ideas how to get around this?

Accounts like Wise and Revolt are not recognised as UK banks by SIPP providers, so they're not an option.

gwynj Bulgaria Expert

Member since 30 June 2020

gwynjBulgaria Expert07 February 2023 06:38:38

2327

Welcome to the expat.com forum and good luck with your move to Spain!

I think *some* UK banks will close your account if you move abroad. And it's not so difficult to keep some form of UK address for your financial accounts, if you choose to do so.

In addition to the ebanks you mention (which don't have a UK banking license), there are also Monzo and Starling (which do).

Separately, SIPPs are for UK residents / tax-payers, so if you are moving abroad permanently, and choosing to be a Spain taxpayer instead, then I suspect the situation is a bit more complex than what bank account your SIPP is connected to. The following page might be helpful:

https://www.moneyhelper.org.uk/en/pensions-and-retirement/building-your-retirement-pot/moving-your-uk-pension-overseas

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