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EU Residents in search of solutions to receive payments from UK pensions amid bank account closures.

As has been widely reported, a number of UK banks have announced that they will be closing the accounts of their EU resident clients by the end of 2020 as a result of Brexit.

Plenty of Brits living abroad maintain a UK bank account for expenses when they visit or credit card services. One of the more serious repercussions for many is that some UK pension providers will not pay pension payments into non-UK bank accounts.

The closure of UK bank accounts for EEA residents has been prompted by the end of passporting rights of UK financial services firms, which allowed UK firms to easily provide advice and services across the bloc as an EU member. It is still unclear if financial services firms will be able to operate in the same or similar way from 2021, but some firms are making the commercial decision now to close their accounts held by individuals resident in the EEA countries.

This has left a number of people scrabbling to open an alternative UK bank account with many finding that it is simply not possible without being UK resident.

Moneysavingexpert.com have put together a list of the banks and their latest positions on this:

Using an online payment service may be an option, however these companies are also making changes in preparation for the end of passporting in 2020. UK based payment service Revolut are an example. They could previously provide non UK residents with a UK type account with a sort code and account number which is the requirement of many pension companies to make payments.

However, in light of the changing regulatory environment Revolut are transferring all accounts for non-UK residents to their Lithuanian subsidiary, which will result in a change of account details and once completed may again not be acceptable to many UK pension providers.

There is however a solution to this problem: using an International SIPP. This type of SIPP allows non-UK residents to transfer or consolidate their UK pensions into a UK based SIPP which is specifically designed for non UK residents. This type of pension not only allows payments to banks in the country of residence of the client, but are also multi-currency allowing the pension to be invested and drawn in the primary currency of the individual.

In the past a problem with SIPPs open to non-UK residents were that they were expensive but now there are low cost options available making them comparable in cost to standard SIPPs available to UK residents.

If you’re concerned about receiving your UK pension as an EU-resident then please get in touch via the form below.



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