Qualified advisers answering your
Financial Questions
call 0800 092 1245

Osborne announced plans to help Greek based retirees


Chancellor of the Exchequer, George Osborne, has set out plans to help thousands of retirees from the UK who currently live in Greece, and could be effected by the current crisis.

When speaking to parliament yesterday, Osborne claimed that there were 40,000 UK residents livening in Greece, and 6,000 of these were receiving payments from the Department for Work and Pensions.

The Greek government will be holding a referendum on Sunday on EU austerity demands, and all banks are closed at least until the result comes in. Also, Greek cash machines have all been limited to pay out only 60 euros per day per person.

The country now one day to pay back 1.6 billion euros it owes to the International Monetary Fund or it faces a default and the possibility of leaving the Eurozone.

Osborne said: “International payments into Greece are exempt from the restrictions that the Greek authorities have placed on the banking system.
“That means that UK government payments, including state pension and public service pension payments should be permitted and I can confirm that those payments will continue to be made in the usual way.

“However the situation remains fast moving and uncertain, we will keep it under review and I recognise that people may be concerned.

“I have asked the Department for Work and Pensions and public service pension administrators, to attempt to contact people that draw a British state or public sector pension from a Greek bank account.

“These people will be helped to switch these payments to a non-Greek bank account if they wish.”

Need financial advice?

If you have any personal finance questions related to this news article, then please contact our financial advisers. You can get in touch by asking a question online, calling us on 0800 092 1245, or by arranging a visit.

Share this..

Related stories

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:

Latest News


Helpful new tax year facts that could affect you and your money

Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.

Read more

Useful Links

Popular Searches

Please Enter More Details

Enter More Details