Singapore markets open in 7 hours 20 minutes
  • Straits Times Index

    2,990.40
    -14.47 (-0.48%)
     
  • S&P 500

    3,768.25
    -27.29 (-0.72%)
     
  • Dow

    30,814.26
    -177.24 (-0.57%)
     
  • Nasdaq

    12,998.50
    -114.10 (-0.87%)
     
  • BTC-USD

    35,687.02
    -371.86 (-1.03%)
     
  • CMC Crypto 200

    694.30
    -40.85 (-5.56%)
     
  • FTSE 100

    6,720.65
    -15.06 (-0.22%)
     
  • Gold

    1,836.10
    +6.20 (+0.34%)
     
  • Crude Oil

    52.11
    -0.25 (-0.48%)
     
  • 10-Yr Bond

    1.0970
    -0.0320 (-2.83%)
     
  • Nikkei

    28,242.21
    -276.97 (-0.97%)
     
  • Hang Seng

    28,862.77
    +288.91 (+1.01%)
     
  • FTSE Bursa Malaysia

    1,609.52
    -17.49 (-1.07%)
     
  • Jakarta Composite Index

    6,389.83
    +16.42 (+0.26%)
     
  • PSE Index

    7,203.44
    -35.02 (-0.48%)
     

Will expats be able to access their private pension after Brexit?

Anna Tims
·1-min read
<span>Photograph: Julian Elliott Photography/Alamy</span>
Photograph: Julian Elliott Photography/Alamy

My parents live in France on company pensions (from the Prudential and John Lewis) paid directly into their French bank accounts. Following reports of bank accounts being closed after Brexit, will private pensions to expats be affected?

CB, London

The grim fact is, no one is really sure. The government trade deal was largely silent on the future of financial services. According to Paul Beard, of Alexander Beard Group, an expat specialist financial advisory business, it’s possible that some UK pension providers may no longer make payments into an EU bank account. Those who have pensions paid into a UK bank in their name could also be affected, as some banks have closed expat accounts. Discuss it with your bank.

A solution would be to open an account with a foreign exchange provider to receive the payments in sterling and then transfer them in euros to an EU account at the prevailing exchange rate, less their margin.

If you need help email your.problems@observer.co.uk. Include an address and phone number. Submission and publication are subject to our terms and conditions