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UK Armed Forces / MOD pension


Suandpete

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My husband spoke to Xaffinity who are the pension provider for the Navy and they say that his pension was treated as usual this month: it is supposed to be available in a UK bank account on the 4th and so they transferred it 3 working days beforehand; this time it took a whole week to reach our French account.  It would appear that someone is making a reasonable amount in interest from these transfers - I can transfer money from one UK account to another in minutes.....

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[quote user="Suandpete"]It would appear that someone is making a reasonable amount in interest from these transfers[/quote]Where would that be then I wonder, pretty well all the money the UK government dishes out these days has been raised on the bond markets (= borrowed) hasn't it ?

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It's an interesting question, though.  My o/h and I get our pensions from the same source.  His remains in the UK and mine is tranferred by Citibank - who were appointed by my provider to manage pension transfers to overseas members - to my account in France.  Every four weeks it's the same - his arrives on a Friday and mine gets to my bank on the following Wednesday.  Somewhere in between the bank (I assume Citibank, not my pension provider) does appear to have access to my money.  I have always imagined that this is how they make this a financially viable service, given that the rates are as good as anything I'd achieve using a Forex company.  Am I wrong?

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Why not send them a bill for the missing days and see how they react? It should normally take no more than 48 hours to transfer money. But I would query why they always have to benefit from the weekend, these being non-working days, and maybe the Monday in France but that may only apply to braches, of course.
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