British expats face 'cliff edge' in pensions and insurance after Brexit

[clifric]

Although frozen pensions are slightly off-topic as far as this article is concerned - baansgr - reciprocal agreements are NOT necessary and UK Gov has reluctantly agreed that this is the case after years of quoting this excuse.

 

All that is needed is a change of domestic legislation - in this case the abolition of section 20 of the Pensions Act which states the Minister may make regulations to not pay annual up-rating to UK pensioners residing in certain countries. There is no legal obligation on the Minister to make these regulations (as Statutory Instruments raised annually) despite the other UK Gov excuse that it only up-rates pensions where it has a legal obligation to do so.

 

It now remains to be seen if this blatant discrimination continues if EU resident pensioners continue to receive annual up-rating after Brexit

[Retiredandhappyhere]

20 hours ago, R123 said:

I wonder how long it will be, if at all, when those who voted for Brexit will come to realize that their vote is the same as turkeys voting for Xmas.....

When hell freezes over!

[rockingrobin]

1 hour ago, clifric said:

Although frozen pensions are slightly off-topic as far as this article is concerned - baansgr - reciprocal agreements are NOT necessary and UK Gov has reluctantly agreed that this is the case after years of quoting this excuse.

 

All that is needed is a change of domestic legislation - in this case the abolition of section 20 of the Pensions Act which states the Minister may make regulations to not pay annual up-rating to UK pensioners residing in certain countries. There is no legal obligation on the Minister to make these regulations (as Statutory Instruments raised annually) despite the other UK Gov excuse that it only up-rates pensions where it has a legal obligation to do so.

 

It now remains to be seen if this blatant discrimination continues if EU resident pensioners continue to receive annual up-rating after Brexit

Maybe this should continue in the pensions thread.

The Pensions Act 2014 only applies to persons reaching pensionable age after April 2016

[Laughing Gravy]

5 hours ago, rockingrobin said:

I do not inderstand the comment ' we dont get the option when in the EU

We can vote out the conservatives, labour and whoever else is in power. The EU commission and EU president Junker we can't as we  do not get a vote. Keep up old chap.

[Basil B]

Scare mongering...

 

If the EU or any EU country were to withhold pensions earned while working in the UK the UK could reciprocate, I am sure it would hurt many EU citizens much harder.

[rockingrobin]

2 minutes ago, Basil B said:

Scare mongering...

 

If the EU or any EU country were to withhold pensions earned while working in the UK the UK could reciprocate, I am sure it would hurt many EU citizens much harder.

The article is not about a country witholding pension payments. It is about the right for pension providers and insurance companies to continue lawfully the provision of business in the EU

[dick dasterdly]

13 minutes ago, rockingrobin said:

The article is not about a country witholding pension payments. It is about the right for pension providers and insurance companies to continue lawfully the provision of business in the EU

And yet the topic headline and OP is all about 'british expats facing a cliff edge in pensions and insurance after brexit'.

 

Certainly no fear-mongering there.....

[rockingrobin]

1 hour ago, dick dasterdly said:

And yet the topic headline and OP is all about 'british expats facing a cliff edge in pensions and insurance after brexit'.

 

Certainly no fear-mongering there.....

Nothing misleading about the headline

 

' 

The Association of British Insurers (ABI) said insurers and pension firms must be authorised in an EU country to sell a contract to an EU customer, continue to pay claims, and accept premiums on existing contracts.

The industry body said: “If nothing is fixed, insurers will be left in an impossible position and face an unacceptable choice: break their promise to customers or risk breaking the law.”

[dick dasterdly]

27 minutes ago, rockingrobin said:

Nothing misleading about the headline

 

' 

The Association of British Insurers (ABI) said insurers and pension firms must be authorised in an EU country to sell a contract to an EU customer, continue to pay claims, and accept premiums on existing contracts.

The industry body said: “If nothing is fixed, insurers will be left in an impossible position and face an unacceptable choice: break their promise to customers or risk breaking the law.”

Why on earth would a UK person living in the EU be paying a UK pension provider - bearing in mind their payouts are far lower than those in other EU countries?

 

As for 'continuing to pay claims' - I live in Thailand, but still receive all company/private pension entitlements - so its hard to believe that those expats in the EU will "face a cliff edge/not be paid"!

[gamini]

On 19/09/2017 at 7:19 PM, dunroaming said:

It seems you did the right thing for you and good luck to you.  I lived in Thailand for nearly 14 years and in South East Asia for over twenty.  Like you I didn't pay too much attention to the politics in the UK when I wasn't living there.  But of course then there was no threat to the stability of the country as there is now.  We now live in the UK after needing a proper education for our son and being disillusioned by the decline in Thailand in general.  But even if we were not living in the UK I would still care about what is happening to my country.  I have relatives and friends in the UK, all with children growing up it is their future that is in jeopardy.

 

Maybe one day you may wish to return too and then it would matter. 

If I was to leave Thailand the UK would be the last place I would want to return to. Miserable climate, dreadful food and people are not friendly like most asian countries. As for educating your children, if you can afford a decent English public school then its a good place for that. Otherwise your children could get a better education in almost any country.
I have seen no decline in Thailand. But with Brexit, England will really suffer, especially with the clowns running the country now.

[dabhand]

On ‎19‎/‎09‎/‎2017 at 10:59 AM, champers said:

The Labour Party manifesto in June stated that they would end the freeze on expat state pensions.

Page 56 of the 2017 Labour Party Manifesto: "We will protect the pensions of UK citizens living overseas in the EU or further afield." 

 

This is a comment on the facebook page of the ICBP:

"Protection of the pensıon" could mean simply maintaining the status quo and making no changes to the current index linking in the EU and those countries with RAs regardless of Brexıt but also not touching frozen pensions at all. There is no specıfic commıtment to unfreezing eıther fully or partially (and no costıngs) in the manifesto.

 

Always best to read the small print.

 

[Airbagwill]

On 9/19/2017 at 3:12 PM, Laughing Gravy said:

I imagine it would be a similar amount that the Spanish would be leaving the UK employment market. Or they could say what we do for your citizens, you do for us.

 

As someone who lives in Thailand I can't have much sympathy for those in Spain as pensioners here from the UK get nothing extra.

 

It seems a week of project fear. Sadly some people buy into it far to easily.

 

 

There are not that many Spanish in UK (why would a Spaniard retire to UK?) and those who do don't get UK pensions.

The UK pensioners in Spain  are very numerous and when they return to UK they will require housing pensions and healthcare, many will be leaving Spain broke....after they try top make ends meet for a year or two and then find it's not possible.