Pensions and Savings after Brexit

With the Brexit deadline fast approaching and little if any, concrete information being provided on exactly how the changes will affect us, it makes absolute sense to think about financial plans. Most of us have suffered financially in some way or another since the Brexit vote in 2016, whether due to a loss of income or the falling pound, so we need to make every penny (or centime!) count.

And this means thinking about your UK pensions and savings.

Once Brexit date passes, there is little doubt that people living in the EU will be hit with the 25% tax bill currently imposed on pension transfers where people live outside the EU.

Transferring funds is already proving difficult and is only going to become more so.

In addition, if Labour are elected there’s a threat of currency movement restrictions so you might want to seriously consider moving savings out of the UK. As you can do this whilst keeping the money in sterling, it is well worth exploring. Most expats will remember the days when you were only allowed to take a certain amount out of the country when you went on holiday - I know I do because my parents always ran out of money before the end of the trip and the last couple of days always featured baked beans heated up on the camping stove that we carried in the boot of our Austin Cambridge!



But I’m no financial expert so don’t take my word for it! What you can do instead is contact our resident independent financial advisors Brian Furzer (covering Aquitaine, Dordogne, Limousin and Vienne) and Graham Keysell (northern France) who will be able to advise you on pensions and savings plans both face to face and via telephone or email if that is easier.

The advice is entirely free of charge, so you have nothing to lose and everything to gain, not least some peace of mind!

TSG Insurance Services SARL, (The Spectrum IFA Group).
(ORIAS - no 07 032 493)’ and an accredited
‘Conseiller en Investissements Financiers’ (référencé par
ANACOFI-CIF no EOO2440).TSG Insurance Services SARL
Siège Social : 34 Bd des Italiens, 75009 Paris
Société de Courtages d’assurances. R.C.S. Paris B447 609 108 (2003B04384)

This report is intended simply as a summary of some aspects of French
succession law and inheritance tax. It is based on my understanding of
current legislation, which may be subject to change. No liability can be
accepted for any change of interpretation or practice relating to any
tax or legislative measure that may affect the accuracy of the content.

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What does this refer to? Private pensions, or any pension transfer into France?

Nothing we can do about our pensions as they are both company pensions and we are currently drawing them. I believe that rules out moving them.

Anyone who was advised to take out an Assurance Vie before moving France but which is managed in UK may also have a problem.

Regarding the possibility (remote) of currency controls after Brexit - and the (more likely) possibility of slower, more difficult transfers outside the sepa system; It seems to me that direct UK bank to french bank transfers may be affected. However , I think that Transferwise may not be ; as I understand it I transfer money in £ from my UK bank by BACS to Transferwise’s UK bank. Transferwise then transfer the corresponding sum in € from one of their european bank accounts , by sepa, to my french bank account. No money leaves the UK .
I believe it works like that , but am ready to be corrected if someone knows otherwise.l

We have been advised by Torfx that transfers will not be changed.
It is transactions that require passporting that will be affected.

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