Canada Life has pulled out of selling annuities to expats within the EU due to Brexit.
The insurer said it had taken the decision earlier this year when the UK was approaching a March 29 Brexit deadline. The reason for this decision was due to the European Insurance and Occupational Pensions Authority (EIOPA) guidelines.
According to EIOPA guidelines which state that insurance companies wishing to conduct business with EU residents post-Brexit need to apply for permission with each member state they want to operate within.
Existing arrangements with clients are not affected so customers who are non-residents but already have an annuity will still receive payments. However the service is closed to new clients.
Canada Life also clarified that if a customer in the UK already holds an annuity with the provider they will still be able to receive payments if they move to an EU country.
Canada Life has about 10,000 overseas annuity customers.