The consequences of Brexit are beginning to be felt by many of us, and you may have received correspondence from your UK investment manager, insurer or pension company. Some situations remain unchanged, but as the UK is now a “third country” and no longer part of the EU’s economic area, this may affect how your UK based investment, insurance policy or pension is serviced in the future.
I have UK pension or life insurance policy – what should I do?
If you haven’t heard anything , what can you do? Be proactive! Contact your UK provider and ask:
- Have measures been put in place to ensure that your policy or pension can continue to be serviced?
- Could there be difficulties or restrictions with servicing your policy or pension? Some companies such as ReAssure and Standard Life have informed their members that they can retain their funds with them, but in order to access them they will need to transfer to alternative arrangements.
- Will there be any penalties to cancel or change your policy or pension?
Once you have this information you need to seek local advice in your country of residence as to:
- What are the tax implications of your current arrangements?
- What are the potential implications of any changes you may want/need to make?
- Are those changes necessary at this stage?
Finding the right solution for you
The answers to these questions are not a ‘one size fits all’. It is not always necessary to make changes if potentially you don’t need access to your policies or pensions, or maybe your intended beneficiaries are still in the UK. The right advice for you as an individual is not necessarily the same advice for your neighbours or friends, but amazingly there are some people who would rather listen to them than take professional advice to make an informed decision.
That said, now more than ever, you need to be aware of scams. If you are in any doubt about the information you have received from your UK provider then call them, or contact a reputable, regulated adviser firm to assist you with this contact. Be wary of ‘cold calls’. Don’t be pressurised into making rash decisions – you may not be able to reverse them.
Most of all, don’t panic – there will be a solution for you and your individual circumstances and as professional advisers we will help you assess your individual needs by taking an holistic approach to look at your whole financial situation.
Blacktower will be by your side both now and in the future, we are here to help you. To arrange a professional and impartial consultation please contact me by email [email protected] or call me on 06 38 86 99 70. Website: www.blacktowerfm.com
This article is based on the opinion of the financial adviser and author, and does not reflect the views of Blacktower. The above information is based on current legislation which is subject to change and does not constitute as investment advice, or investment research and you should seek advice from a professional adviser before embarking on any financial planning activity.
Blacktower Insurance Agents & Advisors Ltd is regulated in Cyprus by the Insurance Companies Control Service and registered with ORIAS in France. Blacktower Financial Management (Cyprus) Ltd is regulated in Cyprus by the Cyprus Securities & Exchange Commission and is registered with the AMF in France.