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State Pensions

Posted: Tue Jul 24, 2018 1:28pm
11 replies415 views6 members subscribed
ElaineS58

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Has anyone got any views as to whether state pensions will cease to be paid to people living abroad after Brexit. Has anyone heard anything.

John56

Posted: Tue Jul 24, 2018 1:46pm

John56

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Posted: Tue Jul 24, 2018 1:46pm

Don't let any of the scaremongers frighten you, transferring your state pension here is an international banking transaction, being in or out of the EU is irrelevant. 

ElaineS58

Posted: Tue Jul 24, 2018 2:01pm

ElaineS58

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Posted: Tue Jul 24, 2018 2:01pm

I thought so. Gary and I are permanently moving over next year when he retires and collects his state pension. We have other pensions as well. Only wish it could be sooner, we own property there anyway.

thanks for your speedy response. When time gets nearer I shall be asking what do we do about this this and this, so I'll be a bit of a nuisance I'm afraid. 

John56

Posted: Tue Jul 24, 2018 2:10pm

John56

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Posted: Tue Jul 24, 2018 2:10pm

No problem, we are all still learning about life in Spain, you will find helpful people on the Forum, lots of good advice that you can find by searching previous posts or just ask and someone will point you in the right direction.

jimtaylor

Posted: Tue Jul 24, 2018 3:48pm

jimtaylor

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Posted: Tue Jul 24, 2018 3:48pm

As John has said, there won't be a problem.

However, I've not seen any mention in the Brexit briefing notes etc about whether annual increases to the pension will be paid.

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ElaineS58

Posted: Tue Jul 24, 2018 4:37pm

ElaineS58

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Posts: 17

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Location: Torrevieja

Joined: 12 Jul 2018

Posted: Tue Jul 24, 2018 4:37pm

Thanks Jim. I've been doing a bit of research from this end but there seems to be nothing concrete. The other issue of course is private pensions, I have an NHS pension, retired 5 year ago and Gary a naval pension. A site blacktowerfm.com discusses the issue surrounding the "passporting rights" of private pensions and if a "no deal brexit" is struck the the passporting rights of private pensions becomes illegal and therefore expats will not be able to claim their private pensions. 

John56

Posted: Tue Jul 24, 2018 10:57pm

John56

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Posted: Tue Jul 24, 2018 10:57pm

ElaineS58 wrote on Tue Jul 24, 2018 4:37pm:

Thanks Jim. I've been doing a bit of research from this end but there seems to be nothing concrete. The other issue of course is private pensions, I have an NHS pension, retired 5 year ago and Gary a naval pension. A site blacktowerfm.com discusses the issue surrounding the "passporting rights" o...

...f private pensions and if a "no deal brexit" is struck the the passporting rights of private pensions becomes illegal and therefore expats will not be able to claim their private pensions. 

Sounds like Blacktower are trying to exploit people's fears as a means of getting business.

jimtaylor

Posted: Wed Jul 25, 2018 4:53am

jimtaylor

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Posted: Wed Jul 25, 2018 4:53am

The Blacktower article actually seems reasonably well balanced, although I'd have liked to see traceable citation of their sources.

https://www.blacktowerfm.com/news/497-expat-pension-payments-may-stop

If arrangements aren't put in place to allow private pension companies to pay direct to a foreign account, then they could still be paid into a UK bank account.

Purple gran

Posted: Wed Jul 25, 2018 8:19am

Purple gran

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Posted: Wed Jul 25, 2018 8:19am

We have state pensions paid into Spanish bank, but continue to have private pensions paid into UK bank, transfer extra funds as and when.

Gov.uk has page for UK nationals in the EU essential information, which, hopefully, will be updated as information becomes available. Not over reassuring, but better than nothing.

ElaineS58

Posted: Wed Jul 25, 2018 11:58am

ElaineS58

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Posted: Wed Jul 25, 2018 11:58am

Thanks Jim for finding the thread on blacktower. 

Purple Gran, I am enrolled on the Gov.uk website which gives nothing concrete at the moment. Usual words "could be, may, at this time".

It would appear that the "passporting of financial services" is a legal document to allow much more free movement of services across the EU without all the red tape. But maintaining this service means adhering to EU rules. Thats not what the people who voted "out" want, they wanted total sovereignty and democracy for the Country to make their own rules without interference from the EU. So if you withdraw, all that has been legally negotiated in the past becomes "illegal/ irrelevant" and no longer binding.

so what they come up with, one wonders.

And as you said , kimmy, its the transition period where it gives the UK chance to negotiate further. 

We have paid into a pension fund for 35++ years, it may be that financial services have to find another way to pay people living abroad, if its not paid into a UK bank account. 

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