Pensions - Articles - Amid Brexit doubt EIOPA give pension certainty to expats

As fears of a no-deal Brexit mount, expats and future retirees have received the welcome confirmation that private pensions taken out in the UK will not be treated as ‘cross border’. Recommendations from (EIOPA) European Insurance and Occupational Pensions Authority, set out for financial regulators across the EU to follow, ease concerns of individuals living elsewhere in the EU who hold UK pensions and insurance products they took out while in the UK.

 Steven Cameron, Pensions Director at Aegon said: “There have been concerns that in the event of a no-deal Brexit, UK financial services providers might have been limited in what services they could offer to customers who took out pensions and insurance policies while in the UK but who now live in another EU country. It was feared that regulators in other EU countries might have treated these policies as ‘cross border’, which could have stopped UK providers offering ongoing servicing such as collecting contributions, issuing regular statements or even paying claims unless they set up separate operations in each EU country. 

 “We are very pleased to see EIOPA set out what actions it expects national regulators across the EU to take to minimise any hardship a no-deal Brexit could have been caused for expats in this situation. While described as recommendations, EIOPA is clear that it expects all EU regulators to make every effort to comply. We now hope each EU regulators will confirm without delay that these contracts are not ‘cross border’. This will give reassurance to many thousands of expats resident elsewhere in the EU that their pensions and insurance products can continue as planned even in the event of a no deal Brexit.”




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