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Expat Pensions Take Centre Stage

Currently, as a member of the EU, the UK has an agreement in place with the European Economic Area guaranteeing British citizens residing in the EU the benefit from any increase in the State Pension made in line with the cost of living; there have been fears, largely expressed in the more sensationalist elements of the press, that this will come to an end at the time of Brexit.

However, while speaking at the conference McVey told her party that expat pension rights were not at risk and that expats living in the EEA would receive the same entitlement to the “triple-lock” State Pension increases as residents in the UK. Effectively, this means that pensioners receive a rise in their benefit of whichever is greatest: the earnings rises, price rises or 2.5 per cent.

However, it was notable that McVey failed to provide similar reassurance over the future of private expat pensions, which, in the light of some recent ill-advised comments from the Association of British Insurers, was something of a missed opportunity.

Pensions in the spotlight

McVey did take steps to tell event attendees and the wider press that the industry-led Pensions Dashboard project would continue to roll out, providing better and easier management of pensions and pensions data while she also praised auto-enrolment’s moves to ensure universal coverage.

It is hoped that Pensions Dashboard will enable retirement savers to put their pension pots in one place, allowing them an easier path to retirement planning.

Blacktower, for Management of your Expat Pension

As a leading wealth management firm with offices across Europe and the globe, Blacktower can help you will all aspects of your finances, including expat pensions such as SIPPs and QROPS. For more information, speak with us today.

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.

Other News

PM Johnson Could Halt the Threat of No-Deal Litigation

Houses of ParliamentBoris Johnson’s elevation to Prime Minister of the United Kingdom has again raised the spectre of a potential no-deal Brexit.

Against this background, it is looking increasingly plausible that predictions of legal action against the UK government by British expats in the EU could become a reality unless the PM takes action. Even in the days before Johnson’s win over Jeremy Hunt in the Conservative Party leadership election, it was warned that expats in Europe could take legal action and sue for loss of rights.

Conservative MP Alberto Costa warned Boris Johnson in a letter dated 20th July 2019*, that unless he was able to tackle the many issues facing expats, his government could be overwhelmed by legal action.

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