Here is another article by Bloomberg about the looming problem of paying private British pensions to British Expats in the EU after Brexit. It is not about Citizens’ Rights and unfortunately is not currently covered by the UK Withdrawal Agreement.
The problem seems to be with people who have pensions paid by insurance companies or other financial institutions and relates to the loss of passporting rights for financial institutions when the UK leaves the EU. There isn’t a problem with pensions paid directly by employers or state pensions paid by Governments.
These days, pensions paid directly by employers are in the minority so most expats are likely to be receiving pensions in the form of Pension Annuities and similar arrangements from financial institutions.
It isn’t clear from the article that the problem would still exist if the pensions are paid directly into a UK bank account – it might only relate to pensions paid directly into EU bank accounts. It appears there will be no problem transfering money between private bank accounts in different countries after Brexit. The exchange rate of the pound to the euro might be eye-wateringly bad after Brexit though!
The EU seems unmoved by the situation at present.
More unnecessary stress for retired British expats living in the EU….
 |
As a long-term resident of Spain, British ex-pat John Barlow had no hand in his country’s decision to leave the European Union. That doesn’t mean he’ll escape the consequences.
|
|