Brexit UK Pensions and QROPS
If you no longer live in the UK but have a UK pension you need to read this.
No matter where you now live, whether that is the USA, Europe or elsewhere, if it is outside the UK and you have a UK pension Scheme, Brexit could affect you.
As a member of the EU the UK was forced to allow free movement of pensions. This allows you to transfer your UK pension out of the UK to another jurisdiction. This can bring with it many benefits:
The UK has now voted to leave the EU. Once out of the EU, the UK no longer has to honour EU legislation. It is well known that the UK Government would like to see QROPS transfers stopped as billions of pounds are being taken out of the UK, with the subsequent loss of tax revenue.
Although the UK government cannot stop QROPS transfers until its EU membership ends, it does have the power to implement changes in UK domestic pension legislation that would make a QROPS transfer a very unattractive proposition.
No one knows what is going to happen to UK pensions in relation to Brexit. It could very well be that further restrictions are placed on UK pensions over the coming years. It is therefore advisable to look into the options available to you when it comes to your pension.
If you would like to know more, simply complete the contact form below and a qualified and regulated pension specialist will go through your options with you.