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What happens if my UK pension company can no longer passport into France?

The official response to this was that the Government are in constant talks with the financial institutions to try and resolve this, but there is no guarantee at this point that there will be a resolution and in fact there was an article published this week in International Investment that states the government White Paper “has confirmed that its negotiations with the EU27 over Brexit will see it aim to end passporting rights for financial services”. 

Now this is a very broad statement and there are moves afoot to negotiate cross-border dealings within the financial industry, but if there comes a time when deals are made and passporting is not included then this could cause a few headaches for many expats who are already receiving their pensions or getting ready to start.

There may be a simple solution to this problem, in that you could have your UK pension paid into a UK bank account and then face the issue of fluctuating currency rates when you need to transfer it to your French account, or you may need to consider a more permanent solution and transfer your pension into an International SIPP (self-invested personal pension) or a QROPS (Qualified Recognised Overseas Pension Scheme).  Which of these will suit your needs is dependant on your individual circumstances and it may not be a possibility or in your best interests to do this, but if you are at all concerned about this then please get in touch and we can talk you through your options. All initial consultations are without obligation or cost and we may be able to provide a simple solution that you hadn’t thought about before.

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.

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Your Expat Pension and Exceeding the Lifetime Allowance

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Despite this, far too many wealth management clients have insufficient knowledge of precisely what the pension lifetime limit is and they could be affected. In fact, significant numbers of expats may be unwittingly breaching the LTA pension limit, oblivious to the possible consequences.

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The biggest saving regret? Not starting sooner

Hourglass“Non, je ne regrette rien”.

Expats in France may be able to translate this famous song title to “No, I regret nothing,” which is ideally what every saver wants to be able to say as they reach the end of their expat retirement planning period and look forward to moving abroad to their own personal paradise.

But not everyone has the initiative to stay on top of their pension pot, and it might be interesting for the younger generation to hear what older workers and retirees have to say about their pension saving experiences and what they would do differently if they could turn back the clock.

With this in mind, research recently released by Aegon, which asked pension savers about which decisions regarding their pensions they regretted the most, could prove very useful and serve as a firm reminder of why sufficient retirement planning isn’t something to leave until the eleventh hour.

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