My parents live in France on company pensions (from the Prudential and John Lewis) paid directly into their French bank accounts. Following reports of bank accounts being closed after Brexit, will private pensions to expats be affected?
The grim fact is, no one is really sure. The government trade deal was largely silent on the future of financial services. According to Paul Beard, of Alexander Beard Group, an expat specialist financial advisory business, it’s possible that some UK pension providers may no longer make payments into an EU bank account. Those who have pensions paid into a UK bank in their name could also be affected, as some banks have closed expat accounts. Discuss it with your bank.
A solution would be to open an account with a foreign exchange provider to receive the payments in sterling and then transfer them in euros to an EU account at the prevailing exchange rate, less their margin.
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