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Guide for UK expats about Getting Pension in Spain

15th May 2015 by Rainer Hobrack

PensionistEvery year, many UK pensioners retire on the soil of Spain to have a relaxing and carefree life after retirement. Most of them prefer to retire in Spain to enjoy Sunshine round the year, as it is beneficial for health too. There are many published science articles that can prove the importance of sun for human health. According to a WHO report, Spanish women have second high mortality rate. However, to live a comfortable life after retirement, handsome amount of cash is required. The best way to do so is to get pension benefits from the state government.

Whom to Contact to get Pension?

If you moved from UK to Spain, and if you are entitled to the UK state pension program then you will have to contact UK International Pension Centre in Spain. In order to get this benefit, you will have to produce the proof of your citizenship in Spain to the UK authorities.  If you are working on Spain from a long while then you will need to apply for UK Pension through INSS in Spain.

Taxation of Pensions:

British Government has made an agreement with EEA countries including Spain, so that no one has to pay double taxes from the same income. According to this agreement, if you worked in Spain and getting Pension from the UK, then you will pay tax to the Spain Government. For this, one has to inform pension department in UK so that they can send you pension without any deduction. Also, you have to inform Spain tax department, so that they can cut tax from you income.

Tax Threshold:

In Spain, occupational pension are treated in the same way as general payments are treated by the government. Depending on the size of annual income, deduction of 2500 – 4000 Euro is applicable on the income. For the incomes below 17, 00 Euro taxation rate is 23.95 %, while for income above than 300,000 Euro the fixed rate of taxation s 51.50%.

Exchange rates and how they can affect the Pension Income:

One important point which need consideration is that though your Pension is paid in sterling, however, as soon as it reaches to Spain it is converted into Euros. Therefore, your Pension income will fluctuate each month according to the rate of Euro in international market.  If sterling loses its value in international market as compare to Euro, you will get less income. Similarly, if sterling beats Euro in international market, you are bound to get some extra Euros.

Pension Lump Sums:

In UK, Pension Lump sum is tax free, but in Spain tax are applied. If you want taxation free lump sum, then it is recommended to receive this amount before moving to Spain. Another way to avoid tax is to refuse lump sum pension and ask authorities in UK to commute it in general Pension income to get increased payment.

If you still have any doubts, it is advisable to seek professional financial assistance before making any move.

Filed Under: Blog Tagged With: Pension

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Rainer Hobrack

Rainer Hobrack

Rainer Hobrack, founder of Health Care Insurance Spain has been an expat living in Spain for over a decade now. He understands the frustrations of dealing with health insurance and the pain of dealing with the public health system.

Why should you trust Rainer Hobrack with such a big decision?

Mr. Hobrack is passionate about helping others, he's an expat too! He's very experienced in dealing with all aspects of health insurance. Mr. Hobrack is fluent in both English and German. So you know if you have questions he will be able to effectively answer them using his great communication skills and experience.

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