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| Date: | Mon, 1 Feb 2021 11:05:59 +0000 |
| Content-Type: | multipart/alternative |
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Dear Members,
We hope you are keeping well.
Some members have reported to FFOA that their January benefit payment from the United Nations Joint Staff Pension Fund was deposited in their bank minus 'foreign transfer fees'. The charging of bank fees for the receipt of our pensions is regrettable and is something new. Some banks are not charging clients the foreign transfer fees but others are.
The Pension Fund uses three major banks to transfer funds: Standard Chartered Bank (UK), UBS (Switzerland) and J.P. Morgan Chase (UK). The fees charged by some banks are a direct result of the J.P. Morgan Chase bank no longer having feeless transfer agreements with banks in the EU, since the UK left the EU on 1 January 2021.
The issue has now been raised by FFOA with the Pension Fund on behalf of all EU-based recipients of Pension Fund benefits. In the past, the Pension Fund has reacted quickly and effectively when fees were being charged. We hope that such will be the case now. It is, however, unlikely that the January fees will be refunded.
We will keep you informed when we know more details.
Keep safe and well,
FFOA Secretariat
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