Brexit and your pension
As you may know, the UK exited the European Union (EU) on 31 January 2020 (commonly known as ‘Brexit’). The UK and EU are now subject to a transition period, which is expected to last until 31 December 2020. To keep up to date on Brexit, please see the dedicated Brexit page on the government website (opens in a new window).
UK law will still allow for workplace pensions to be paid overseas, and the government does not expect this to change because the UK has left the EU.
However, if you live within the EU and your pension is paid into a UK bank account, you may need to change the account your pension is paid into. Your bank should already have contacted you if you need to take any action.
If your bank has advised that you will need to change your account, please follow these steps:
1. Read the details on Changing your bank details
2. Fill out the Change of Details form - Pensioners
3. If you are living outside the UK, please complete an Overseas Mandate form.
This will ensure your pension payment is paid into the correct account.