Brits living in Europe ‘could lose access to pensions’ under no deal Brexit
2 min read
British ex-pats living in Europe could lose access to their pensions if the UK fails to secure a Brexit deal with Brussels, it has been reported.
The warning comes as part of a series of technical notes set to be released later today, in which the Government will set out how Britain would respond to a ‘no deal’ Brexit.
According to the documents – seen by the Sun – ministers are preparing for "lost access to pensions for UK expats in the EU".
The papers state that without a Brexit agreement the UK would become a “third country” in March next year, which could prevent EU states paying pensions into British bank accounts.
Under current rules, cash that crosses borders can only be transferred into a bank account registered in an EU country – putting British ex-pats living on the continent at risk of missing out on payments.
The technical notes also warn that financial services firms could be plunged into chaos if vital “passporting” rights that allows bankers to work across borders are lost.
And they reveal that the UK could unilaterally open its borders to all but high-risk goods in a bid to keep British ports open.
Brexit Secretary Dominic Raab is set to mark the release of the controversial documents in a speech in London today.
He will say the papers are "a sensible, measured, and proportionate approach to minimising the impact of no-deal on British firms, citizens, charities and public bodies".
He will add that the Government will do everything it can to “facilitate the smooth, continued, functioning of business, transport, infrastructure, research, aid programmes and funding streams.
"In some cases, it means taking unilateral action to maintain as much continuity as possible in the short term, in the event of no deal — irrespective of whether the EU reciprocates."
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