Brexit and your pension
If you are a UK national living in the EU, then you may be concerned about what will happen to your pension if we leave Europe without a deal. Here’s what you need to know.
This information is based on what was currently available on the gov.uk website regarding Brexit, ensure that you keep up to date with any further changes by signing up for email alerts here.
You will continue to receive your state pension
If you live in an EEA state or Switzerland, then the UK leaving the EU will not affect your UK state pension entitlement, and you will continue to receive it.
It will also not affect the uprating of your UK state pension in April 2020, April 2021 and April 2022 if you live in an EEA state or Switzerland.
If your pension is paid by an EEA state or Switzerland
If you receive your pension from an EEA state or Switzerland, you will need to contact the organisation that pays you to find out what will happen after Brexit.
Annuities and personal pensions from a UK pension provider
Your pension provider should have put plans in place to ensure that you can still receive your payments from your annuity or personal pension plan after Brexit.
If your provider needs to make any changes to the way they pay you post-Brexit, then they should be contacting you. For more information on what your provider is required to do to prepare for Brexit, there is guidance on the Financial Conduct Authority website here.
However, if you have any concerns, then contact your provider directly for help.
UK workplace pensions
Currently, UK law allows for workplace pensions to be paid overseas and the government does not expect this to change after Brexit.
If you receive your workplace pension into a UK bank account, then your bank will contact you if they need to change the way you are paid post-Brexit.
Again, if you have any concerns, then contact your pension provider directly.
Support with retirement planning
MRA Ltd offer a 1-hour complimentary consultation where you can speak an experienced Life Centred Financial Planners about any aspect of retirement and later life planning. Whether you are starting to consider when you could retire, only have a few years of work to go, or have retired already and want to ensure you remain financially secure and look at how to pass on your wealth, MRA Ltd can help. There is no obligation to sign up to anything, so get int touch today on 01424 777 156 and make an appointment so you can have a brighter financial future.
If you found this information useful, you may also want to check out the following:
- Could you business survive economic insecurity
- Preparing your business for Brexit
- Brexit implications for investments
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