How Brexit affects expats’ state pensions and other entitlements
Existing British expatriates' state pensions are protected under the Brexit deal, and they retain the right to receive free healthcare. But there are no guarantees about the future.
The eleventh-hour Brexit deal between the UK and the European Union has not resolved all the uncertainties facing Britons who hope to retire and live in an EU member state. Existing expatriate retirees are protected. They will retain their right to live in the EU state where they currently reside and to receive free healthcare. But there are no guarantees about the future.
One problem is residency. Britons travelling to the EU will now need a visa if they intend to spend more than 90 days in an EU country over the course of a year. That’s not to say you won’t be able to secure permission to live in France, Spain or another EU state, but there are no automatic rights to do so.
In addition, while you will continue to be able to claim your British state pension when retiring elsewhere in the EU, you will need to notify the government’s International Pension Centre of your move. Like current expatriate retirees, you should continue to see your state pension increased in line with the UK each year.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The final issue is healthcare. While the UK was a member of the EU, British pensioners living in the bloc were entitled to the same state healthcare as citizens of the country where they resided. That won’t apply to new retirees, who may need to pay for expensive health insurance.
David Prosser is a regular MoneyWeek columnist, writing on small business and entrepreneurship, as well as pensions and other forms of tax-efficient savings and investments. David has been a financial journalist for almost 30 years, specialising initially in personal finance, and then in broader business coverage. He has worked for national newspaper groups including The Financial Times, The Guardian and Observer, Express Newspapers and, most recently, The Independent, where he served for more than three years as business editor.
-
Private school fees soar and VAT threat looms – what does it mean for you?
Rising private school fees could see more than one in five parents pull their children out of their current school. Before you remortgage, move house or look to grandparents for help, here’s what you need to know.
By Katie Williams Published
-
Best and worst UK banks for online banking revealed
When it comes to keeping your money safe, not all banks are equal. We reveal the best and worst banks for online banking when it comes to protecting your money from scams
By Oojal Dhanjal Published
-
What pension providers don't tell you about your retirement money
Check the small print from your pension provider or risk losing thousands.
By Merryn Somerset Webb Published
-
Britain’s stifling tax burden
Chancellor Jeremy Hunt's Autumn Statement will see the tax burden rise in each of the next 5 years.
By Emily Hohler Published
-
Brace for a year of tax rises
The government is strapped for cash, so prepare for tax rises. But it’s unlikely to be able to squeeze much more out of us.
By Matthew Lynn Published
-
Lock in high yields on savings, before they disappear
As interest rates peak, time to lock in high yields on your savings, while they are still available.
By Ruth Jackson-Kirby Published
-
How to cut the cost of home insurance
Home insurance policies are becoming increasingly expensive, but there are several ways you can keep costs down.
By Ruth Jackson-Kirby Published
-
Are lifestyle funds still fit for purpose?
Lifestyle funds have failed to do what they were supposed to do – shield savers from risk in the run-up to retirement.
By David Prosser Published
-
Act now to bag NatWest-owned Ulster Bank's 5.2% easy access savings account
Ulster Bank is offering savers the chance to earn 5.2% on their cash savings, but you need to act fast as easy access rates are falling. We have all the details
By Marc Shoffman Last updated
-
Moneybox raises market-leading cash ISA to 5%
Savings and investing app MoneyBox has boosted the rate on its cash ISA again, hiking it from 4.75% to 5% making it one of top rates. We have all the details.
By Ruth Emery Published