Pensions - Articles - Pension funds in rush to Get Brexit Ready

 With the transition period for the UK to leave the EU coming to an end, those UK pensioners who have retired abroad face a range of inconveniences after 31st December 2020. Some of the UK’s largest current account and credit card providers, including Lloyds and Barclays, have announced they will be closing some EU residents’ UK accounts when the period ends. This leaves pensioners who receive their payments in Sterling having to find alternative arrangements to receive their payments, and pension schemes therefore looking for ways to assist their pensioners.

 Duncan Watson, CEO of EQ’s pension business EQ Paymaster, commented: “People could find their dream retirement abroad rudely interrupted, if their pension funds are unprepared for the requisite cross-border currency payments before the Brexit deadline.”

 He continued: “It is possible to implement international payment systems for any client who requests it with enough notice, with the fee charged to either the provider or recipient at the discretion of the fund. It simply needs to be implemented with some notice, so we would encourage any pension fund which is unsure of their preparation to get in contact as soon as they can.”