[UK] Additional pension access charges could hit expats post-Brexit

Pension provider PensionBee has warned expatriates that they could face additional charges and significant delays when accessing their retirement savings once the UK leaves the EU. The provider reportedly said costs for withdrawing savings from abroad could increase “significantly” because payments to overseas banks will present additional costs to pension providers, which might potentially be passed on to the customer, in addition to charges imposed by the receiving bank.

PensionBee said that, in general, pension providers in the UK only make pension payments into UK bank accounts. Such payments are easier to validate technologically and have the benefit of confirmation of payee security measures. But once the UK leaves the EU the provider cautioned that many British banks will close the accounts of overseas savers, forcing them to access their pensions through European bank accounts. Pensions Age has more on the story and advice from PensionBee’s chief executive.

Pension provider PensionBee has warned expatriates that they could face additional charges and significant delays when accessing their retirement savings once the UK leaves the EU. The provider reportedly said costs for withdrawing savings from abroad could increase “significantly” because payments to overseas banks will present additional costs to pension providers, which might potentially be passed on to the customer, in addition to charges imposed by the receiving bank.

PensionBee said that, in general, pension providers in the UK only make pension payments into UK bank accounts. Such payments are easier to validate technologically and have the benefit of confirmation of payee security measures. But once the UK leaves the EU the provider cautioned that many British banks will close the accounts of overseas savers, forcing them to access their pensions through European bank accounts. Pensions Age has more on the story and advice from PensionBee’s chief executive.