FAQ: How will Brexit affect my UK pension and should I look at alternatives?
At the moment, Brexit is more Schrodinger's Cat than Pandora's box: no one can say with any certainty what will happen post-Brexit and if, indeed, Brexit will happen at all.
However, one thing is clear: uncertainty about the future should not be a pretext to doing nothing about your UK pension; it is not automatically the right idea to say to yourself "I'll just leave it where it is and wait to see how Brexit is resolved".
The best course of action for you in regards to your pension provision will depend on your individual retirement planning, but reviewing your options as soon as possible is likely to be the prudent course: yes, "wait and see" might well be the right advice in the end, but until you sit down and review your personal situation, goals and options with an experienced financial adviser, you cannot know if there is another solution that might better serve your interests and be more cost-effective.
Empower yourself with knowledge and advice
If you want to know how Brexit will affect your UK pension and are curious to discover whether there might be an alternative solution better suited to your situation, you should ensure that you only receive advice from a financial advisory firm that has the relevant licensing and permissions to provide you with ongoing benefit once a transfer has taken place.
If you have any concerns about whether a firm might be right for you, you should speak to more than one IFA and ask for references and testimonials from recent clients who have been through the pension planning process. EU licensed and regulated firms bring many kinds of reassurance, not least the fact that they offer certain protections in case anything should go wrong.
Blacktower FM, committed to your best interests
Blacktower brings a strong track-record of cross-border retirement planning expertise to the table in order to help each client understand and assess the various options available to them in relation to their UK pensions and the ramifications of Brexit. Throughout this process, we have one over-arching goal in mind: to focus on our clients' best interests by providing expertise, independence and impartiality. This client-first approach is reflected in our fee structure: all our costs are clear and transparent and we have no restrictions on the type of advice (initial or ongoing) that we are able to provide.
Speak to us today so that we can help you understand your options. It may be that the "best advice" is to leave your pension where it is; on the flip-side, additional circumstances – for example, Inheritance Tax concerns – may make some form of pension transfer seem like the obvious solution.
We can speak with pension providers to ensure you get the best possible deal. We are ready to help you negotiate a potentially life-changing decision with confidence.
With 17 branches throughout Europe, and bi-lingual advisers in all of these, we are able to assist you wherever you may be living in the EU. Contact a member of our team today.