Pension and retirement changes after Brexit

If you’re concerned about the effect on your private pension, State Pension or annuity now that the UK has left the European Union, The Pensions Advisory Service provides a free helpline 0800 011 3797 and webchat service on its website.

For information on benefits and pensions that explains the rights of UK nationals living in the European Economic Area (EEA) or Switzerland from 1 February 2020.

For information on benefits and pensions that explains the rights of EU or Swiss nationals living in the UK from 1 February 2020.

State Pension payments

Your State Pension can be paid into any bank you choose including a bank in the country you’re living in. You’ll need the international bank account number (IBAN) and bank identification code (BIC) numbers if you have an overseas account.

You’ll be paid in the local currency. That could mean the amount you get may change due to exchange rates.

What to do if you’ve been told your UK bank account is closing

If you’re living abroad and have received notice that the UK bank account you currently receive pension income payments into is about to be closed, you should:

  • check with your pension provider what payment options they offer for customers living overseas without a UK bank account. In many cases they’ll be able to pay your income to an overseas bank of your choice, i.e. a local bank account in your country of residence or in the EEA.
  • alternatively, see if it’s possible to set up an account with a UK bank operating in the country you live in and have your income paid in there. Check you can meet the bank’s eligibility criteria for opening a new bank account and that the account will meet your needs, for example, does it require you to have a minimum income or deposit with them.
  • if none of the above are possible, check if your pension provider can send payment by cheque to your home address in your country of residence.

You should also take these steps if you’re using your UK account to regularly pay into a pension, investment or protection product.

If you’re still unsure of what the best option for you is, you could seek advice from a financial adviser that specialises in financial advice for UK Nationals living abroad who may be able to help.

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