BREXIT & Your UK Pension

  A "No Deal" or "Hard" Brexit will make it illegal for UK financial institutions to pay pensions to retired British Expats living in the EU, MPs were told. Many Expats would be left without their pension incomes.  

The warning came from the Association of British Insurers (ABI) at a Parliamentary Committee Meeting in July. MPs were told that it could be illegal to pay pensions to many retired UK Expats into bank accounts held in their adopted countries, if the UK were to "crash out" of the European Union with either a "hard" Brexit or a no deal scenario. This news was reported in several UK national newspapers and also on Bloomberg.

In Theresa May's Chequers Plan White Paper, the UK abandoned attempts to persuade the EU to grant "mutual recognition" of UK services after Brexit, settling instead for a lesser equivalent model which will allow the EU to deny market access rights, if it decides that the UK financial regime does not meet the EU's standards.

The Brexit MPs Committee Chairman, Mr. Hiliary Benn, asked: "They might find that they could not be paid their pensions - is this what you are saying?" The director general of the ABI responded: "This is a plausible risk in the future if no agreement is reached with some countries of the EU."

As to the UK Old Age Pension, State Pensions will not be and are not subject to the same rules.  So there should be no concern or worry in this respect as Brexit does not pose the same risk to state pension payments.

WE CAN RESOLVE AND MITIGATE THIS POTENTIAL PROBLEM FOR YOU, SO THAT YOU CONTINUE TO RECEIVE YOUR RETIREMENT INCOME WITHOUT ANY INTERRUPTION DUE TO BREXIT
  
If you would like to receive further information on how BREXIT could affect your pension, or arrange a confidential,
no obligation appointment, please submit your enquiry below.
We aim to reply within 24 hours.
Full Name
Email
Phone (optional)
Submit