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Could No-Deal Brexit Make British Pensions for Expats Illegal?

Following a question from committee chairman Hilary Benn in which she sought to confirm the situation, ABI director general Huw Evans said it was a “perfectly plausible risk in the future if no agreement is reached in some countries of the EU” that “pensioners couldn’t be paid their pension”.

Evans offered some reassurance saying that expats’ financial advice in the event of a no-deal Brexit would depend on where they resided. ‘It’s important to note here to avoid panic that each country of the EU has slightly different arrangements around this.”

He advised that each country would have to address the issue separately to ensure that it was satisfactorily resolved.

The comments come in the wake of a difficult period for British Prime Minister Theresa May who has sought to defend her Chequers plan in the face of resignations from her cabinet, numerous reports of internal infighting and near constant press reports of setbacks and troubles.

So it’s worth remembering that although financial advice for expats worried about Brexit is a good idea in the current environment, there is certainly less cause for panic than many believe to be the case.

In her blog, Rosemary Sheppard suggested that there will be some simple solutions to any potential problems arising out of Brexit in relation to expat pension rights.

Blacktower Director and General manager in Gibraltar Robert Mancera comments, “At the end of the day, Hard Brexit or not, common sense will need to prevail. Most EU countries have DTTs (Double Tax Treaties) with the UK and I can’t see these falling away as a result of Brexit. Therefore pension income received into the EU from the UK, I anticipate, would be taxed as it is today.”

Expat financial advice from Blacktower

Blacktower Financial Management offers expat financial advice to help you protect, preserve and grow your wealth.

Our service is based on expertise, strong relationships and a close understanding of you and your investment objectives. For more information about how we can help you successfully manage your wealth during the uncertainty of Brexit, contact us today.

Other News

Finding Old Pensions Before Making a Pension Transfer Overseas

Man with binocularsThe days of the “job for life” with a single employer are, for most of us, long-gone and we are now far more likely to have multiple jobs paying into a number of different pension schemes. This means tracing old pensions when you retire – whether defined benefit, defined contribution or private stake holder. In order to get an accurate and full idea of your pension wealth it is essential that you begin finding lost pensions to factor every single one into a total valuation.

Pension transfers are a hot topic at the moment, especially if you’re an expat and want to transfer pension pots overseas. And if, like many, you have lost track of the various pension pots you have amassed throughout your career, it can be hard to gather together all the information you need to decide whether a pension transfer would be in your best interests.

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New expat radio for Brits in France

It is thought that there are more than 200,000 British expats living in France and, although the country is only a short hop across the Channel, living there can sometimes be something of a sustained culture shock – even for the seasoned expat who has had years to acclimatise.

Yes, some expats still struggle a little with French life; whether it is because of confusion about making a QROPS or QNUPS transfer, difficulties negotiating France’s tax planning bureaucracy or uncertainty as to how best manage regular savings.

Read More

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