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MPs sound Brexit warning over expat pensions

The head of an influential committee of MPs has urged the Government to make sure British expatriates are not left without their pensions as a result of a ‘cliff-edge’ Brexit.

Treasury select committee chair Nicky Morgan has written a letter to Chancellor Philip Hammond warning over the future of long-term pensions and insurance policies that are currently sold by UK companies throughout the EU – and vice versa – based on passporting deals.

In her letter, Morgan asks the Government to clarify its position and calls on Hammond to raise issues such as insurers paying out on cross-border contracts with EU officials.

The letter reads: “The possibility that UK providers may not be legally able to pay out pensions or insurance contracts to citizens in the EU — including UK expats — is a stark example of the consequences of a cliff-edge Brexit.”

A Treasury spokesman said the Government wanted to avoid a cliff-edge Brexit and would respond to the committee in due course.

Industry bodies such as the Association of British Insurers have been vocal on the need for clear rules post-Brexit on cross-border contracts, and have noted that transitional arrangements would not be long enough to cover many long-term products.

ABI hits out at ‘no deal is better than bad deal’ Brexit strategy

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. That’s just for starters. When (if) we leave it would seem likely that all ex pats living in Europe may lose the indexation. After all most ex pats outside the EU have never had their State pension indexed so it wouldn’t be that suprising if our wonderful govt. pulled the plug on those living in the EU.

    • Actually Harry most expat state pensioners DO get their indexing. There are around 1.1 million state pensioners retired outside the UK more than half get annual increases, the rest, mainly in commonwealth countries have their rightful indexing withheld. This 4% have been victims of this outrageous scandal for decades and continue to fight this blatant theft and discrimination. Now those in the EU are to get cost of living increases and the 4% rightly cry ‘why them and not us?. Shame on the UK government for once again ignoring the plight of these vulnerable seniors who have paid under the same rules for their pension as the 96% and yet are treated in this disgraceful manner.

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