The news adds further anxiety at an uncertain time for British expats following Britain’s decision to leave the EU.
Prime Minister Theresa May has recently attempted to create an amnesty deal for British expats living in EU countries whereby all EU migrants living in the UK (of which there are 3.3 million) would be able to remain here as long as British expats (1.2million) were able to stay in their respective countries. The deal was blocked by Angela Merkel, the Chancellor of Germany, and Donald Tusk, the President of the European Council.
Tusk’s response, which seemed to be an attack on the whole Brexit decision, was to state that the matter could only be resolved once Article 50 had been started. He added that “the decision about triggering Article 50 belongs only to the UK, which we fully respect”.
Mrs. Merkel voiced a similar stance, rejecting the Prime Minister’s attempts to instigate any kind of deal for expats before the formal commencing of Article 50.
It would appear, as Donald Tusk mentioned, that the quicker Article 50 is invoked, the quicker this time of worry will be resolved.
At such an unnerving time, professional wealth management advice has never been more valuable.
To stay up-to-date with all the current changes to QROPS and how British expats are being affected by Brexit, as well as to receive expert financial advice on your situation, contact the Blacktower team today.
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It appears there is good news on the horizon for up to 2 million pension savers. The UK Financial Conduct Authority (FCA) is looking at evidence that some major providers applied exit charges to people’s pensions without informing them. In some cases, this amounted to nearly 40% of the value of the fund.