Raab spoke in some detail on the subject of expat pensions, reminding the assembled journalists that member states would only be punishing their own economic interests if they restricted access to pensions. “If you look at pensions, it’s hardly in the interest of southern Spain to do harm to the UK pensioners out there,” he said by way of example. “And what you would expect, and hopefully we will see, even in the unlikely event of no deal, is actually cooler heads prevailing and the kind of practical cooperation to make sure that contractual issues, whether pensions or otherwise, are navigated through.”
Continuing the theme, Raab offered his view that even if there was no deal, there would be no cause for panic. He said that the government was committed to making sure that it provided greatest possible levels of reassurance and practical support to British expats abroad.”
However, Raab was quick to dismiss the idea that Britain had given up on the prospect of achieving a workable deal. He said that although the government was busy planning for every possible eventuality a “no-deal” outcome was “not what we want and not what we expect”.
His comments follow a period in which the Association of British Insurers director Hugh Savill has come under criticism for making potentially unsettling statements regarding the future of expat pensions and cross-border financial services. Raab really does seem to be giving hope that cooler heads will indeed prevail.
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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.
In the first quarter of 2017, Spain’s Gross Domestic Product (GPD) grew by 0.8 per cent, according to preliminary figures from the Spanish Statistical Institute (INE), which was marginally higher than the previous three months’ growth of 0.7 per cent.
Under new plans proposed by the Government, and included in Chancellor of the Exchequer Philip Hammond’s first Autumn Statement, British expatriates with offshore pensions will face a higher income tax rate.