Pension news: Retirement savings at risk after Brexit deal –

Mr Hive said his company has already received alarming phone calls from UK pensioners abroad, claiming they’ve had to sell their assets or be left with no choice but to fork out on additional taxes.

The reason behind this comes down to a difference in how funds within retirees’ pensions are domesticated in other countries.

Mr Hive explained: “For the most part, such assets will be registered in the UK, Ireland or Luxembourg, and are classified for tax purposes across the UK and EU as Undertaking for Collective Investment in Transferable Securities (UCITS).”

UCITS are investment funds which are regulated at EU level and standards, and before Brexit, such funds had to seek single authorisation in one member state in order to be distributed throughout the Bloc.

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