Brexit and private pensions

EU legislation has an impact on pension schemes directly, through legislation such as Directives which are transposed into UK law and indirectly, because the costs of complying with investment markets legislation are passed to pension fund clients by asset managers, brokers and banks.

UK Government guidance on pensions and benefits for UK nationals in the EEA or Switzerland advises individuals in receipt of a pension to check with their pension provider to make sure they can still get payments following the UK leaving the EU:

Annuities and personal pensions from a UK pension provider

Your pension provider should have made plans to make sure you can still get payments from your annuity or personal pension following the UK leaving the EU.

Your pension provider should contact you if they need to make changes to your annuity or pension or the way you are paid. The Financial Conduct Authority has published information on what pension providers need to do because the UK has left the EU.

If you have any questions, contact your pension provider

UK workplace pensions

UK law allows for workplace pensions to be paid overseas. The government does not expect this to change after Brexit.

If you have any questions, contact your pension provider.

If your workplace pension is paid into a UK bank account, your bank should contact you if they need to change the way you receive your pension after Brexit.

For the impact of the UK leaving the EU on State Pensions, see Commons Library Briefing Paper CBP 7894 (December 2020)