UK gov’t pledges to guarantee pension transfers post-Brexit

Britain’s minister for pensions and financial inclusion yesterday sought to reassure holders of UK pension schemes that they will be able to transfer to European schemes regardless of how Britain leaves the EU in March next year.

In his statement to parliament in Westminster, Guy Opperman insisted British citizens’ rights regarding pensions will remain unchanged, even in the event of a “no-deal” Brexit, which would see the UK crashing out of the EU.

The minister said in his statement: “The UK and EU have already agreed the terms of an implementation period lasting until the end of 2020.

Access unchanged
“During this implementation period, access to one another’s markets will remain unchanged and on the current terms, ensuring continuity for consumers and businesses.”

Opperman continued: “Whether they are a UK citizen or a non-UK EU citizen, they will continue to be able to transfer their pensions to overseas pension schemes. Equally, UK pension schemes will continue to be able to receive transfers from overseas pension schemes.”

Official statistics show there are more than 900,000 UK citizens currently living in other EU countries. Around 25% are aged over 65.

Christopher Copper-Ind
Christopher Copper-Ind is Publisher and Editor of International Investment. His previous publishing experience focused largely on the Middle East and emerging markets, and he was Editorial Director of The Business Year, based in Istanbul, for three years before moving back to London in 2017. He is the author of How to Negotiate, to be published by Macmillan in 2019.

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