- Expats living abroad, either in Britain or the European Union, may find that their banks are unwilling to maintain the same services they offered before.
- British state pension recipients continue to have the right to request that their pension is paid into a bank account in any country.
- Advice and support are available from various sources, and pension holders can also consider a new cross-border payments provider to help bring down costs.
As 2020 drew to a close, so did Britain’s relationship with the European Union thanks to the securing of a trade deal between the two sides.
One group that is likely to be particularly affected by the end of this alliance is pension holders – especially those who have foreign pensions located in an EU country.
Expats living abroad
Brexit could affect the pensions both of British citizens living in Europe and European citizens living in Britain.
It is important to note that anyone who is entitled to receive a British state pension can have it paid into a non-UK bank account.
This right has not changed as a result of Brexit.
However, what may have changed is the provision of services. Some banks may no longer be willing to maintain bank accounts in either the British or European jurisdiction.
If this happens to you, you should start seeking an alternative banking provider. Your pension provider may be willing to send money abroad in a different way, such as by cheque.
British workers
Pension values may also be affected by Brexit.
The consumer organisation “Which?” surveyed a number of adults in the UK last year and discovered that almost a fifth of pension holders described themselves as “very worried” about the impact of Brexit on their pots.
Pension pots may experience short term volatility as markets re-adjust to the new geopolitical set-up.
Those with riskier pension portfolios might find that value drops are reflected in their pots immediately.
However, the long term outlook is not clear, and it may take months or years for the full impact to be revealed.
Mitigating problems
If you are concerned that your pension pot may be at risk as a result of Brexit, help is available.
The Money Advice Service offers a no-cost telephone helpline, 0800 011 3797, for people who are worried about their pension as a result of Brexit.
A dedicated retirement specialist or financial advisor can also help you ensure your pot is protected.
Pension holders with a foreign element to their pots can also take the opportunity to ensure they are not overpaying for international money transfers.
Looking at different providers using a comparison tool can help pension holders save cash, especially if they are regularly transferring large sums.
If you have a pension abroad, it’s now more important than ever to ensure you have cost-effective and secure cross border payment systems in place so that you can access your cash. Read reviews of such providers here.
- Expats living abroad, either in Britain or the European Union, may find that their banks are unwilling to maintain the same services they offered before.
- British state pension recipients continue to have the right to request that their pension is paid into a bank account in any country.
- Advice and support is available from various sources, and pension holders can also consider a new cross-border payments provider to help bring down costs.
As 2020 drew to a close, so did Britain’s relationship with the European Union thanks to the securing of a trade deal between the two sides.
One group that is likely to be particularly affected by the end of this alliance is pension holders – especially those who have foreign pensions located in an EU country.
Expats living abroad
Brexit could affect the pensions both of British citizens living in Europe and European citizens living in Britain.
It is important to note that anyone who is entitled to receive a British state pension can have it paid into a non-UK bank account.
This right has not changed as a result of Brexit.
However, what may have changed is the provision of services. Some banks may no longer be willing to maintain bank accounts in either the British or European jurisdiction.
If this happens to you, you should start seeking an alternative banking provider. Your pension provider may be willing to send money abroad in a different way, such as by cheque.
British workers
Pension values may also be affected by Brexit.
The consumer organisation “Which?” surveyed a number of adults in the UK last year and discovered that almost a fifth of pension holders described themselves as “very worried” about the impact of Brexit on their pots.
Pension pots may experience short term volatility as markets re-adjust to the new geopolitical set-up.
Those with riskier pension portfolios might find that value drops are reflected in their pots immediately.
However, the long-term outlook is not clear, and it may take months or years for the full impact to be revealed.
Mitigating problems
If you are concerned that your pension pot may be at risk as a result of Brexit, help is available.
The Money Advice Service offers a no-cost telephone helpline, 0800 011 3797, for people who are worried about their pension as a result of Brexit.
A dedicated retirement specialist or financial advisor can also help you ensure your pot is protected.
Pension holders with a foreign element to their pots can also take the opportunity to ensure they are not overpaying for international money transfers.
Looking at different providers using a comparison tool can help pension holders save cash, especially if they are regularly transferring large sums.
If you have a pension abroad, it’s now more important than ever to ensure you have cost-effective and secure cross border payment systems in place so that you can access your cash. Read reviews of such providers here.
