Fortunately, Mrs May has stated that the Government will look to release concrete plants of its Brexit strategy before it begins to engage in formal talks with the EU.
So, It has been a nervous and uncertain Christmas and New Year for many expats coming as it did in the wake of talks at the EU Summit when European leaders, with the exception of May, all convened to discuss Brexit.
Throughout, May has sought to be a calming presence by adopting a very calculated approach to the issue. “It remains my objective to give reassurance early on in the negotiations to EU citizens living in the UK and UK citizens living in EU countries that their right to stay where they have made their homes will be protected by our withdrawal,” she recently said
Part of May’s approach appears to be to leave all options open. For example, she has said that EU nationals will only be guaranteed the right to remain in the UK following Brexit if this forms part of a reciprocal arrangement. She has also conceded that is conceivable that the UK might continue to pay the EU contributions in order to retain access to the single market.
She has also tried to face down any further uncertainty created by court challenges to the Brexit process, saying that the UK would invoke Article 50 of the Lisbon Treaty regardless of whether the Supreme Court rules that Parliament must be consulted.
However, May’s approach has attracted criticism from Labour leader Jeremy Corbyn who has branded the Government’s Brexit strategy as being “shambolic” and characterised by a “babble of voices speaking for themselves and their vested interests”.
Whatever the case, those with expat regular savings will be hoping that resolution comes soon as possible as uncertainty has the power to undermine confidence in even the best laid wealth management plans.
This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.
Official figures have revealed that pension funds have plummeted a further £25 million into the red. The fall in bond yields – on which pension funds rely – has increased the pressure on the pots available to support final salary scheme pay-outs. At the end of May, the pension backstop PPF (Pension Protection Fund) revealed that the roughly five and a half thousand pension schemes it monitors have a combined deficit of nearly £295 billion. This is almost £25.5 billion worse than a month earlier.
As an expat your pension choices can seem labyrinthine. You may have been a member of one scheme over your entire career or perhaps you have paid into several smaller workplace schemes across different countries. Knowing what to do can seem like an enigma.