Expat Pensions Secured as Brexit Talks with EU Continue

Oct

09

EU

British Brexit secretary David Davies says agreement has been reached with the EU over pensions for expats – but that the EU needs to show more flexibility in talks.

Without revealing details, he briefed MPs in Westminster on the progress of Brexit talks.

He confirmed pension rights for British expats as well as the rights of EU nationals living in the UK.

But he said Britain and the EU still had differences over family rights and voting rights for British expats.

Davies explained that he considered the UK’s negotiating stance was substantially more flexible and pragmatic than that of the EU.

However, he believed that meaningful progress had been made.

The major stumbling block appears to be the Brexit divorce bill – the money the EU wants the UK to pay to fund ongoing commitments.

Britain feels the EU is inflating the bill to cover a budget blackhole that remaining members will have to plug.

Estimates put Britain’s payment to leave the EU at around 50 billion GBP, but the EU is demanding up to double that amount.

Labour’s Shadow Brexit secretary Sir Keir Starmer cautioned that this slow progress is a real concern and that claims negotiators are further apart not closer together than they were at the start of talks.

The briefing from Mr Davies came on the eve of the government presenting the European Union Withdrawal Bill 2017-19 for a vote before the draft law can progress through Parliament.

Labour leader Jeremy Corbyn has demanded his MPs vote against the bill in a bid to weaken Theresa May’s position as Prime Minister.

Regional politicians in Wales and Scotland have also railed against the bill, claiming the new law was a power grab by Westminster that is against their interests.

May has a slender majority with the support of Ulster Democratic Unionists, providing her EU remain rebels vote with her.

The bill is one of the most important pieces of legislation to go through Parliament.

On Brexit in March 2019, the bill repeals all EU laws and converts them to British legislation.

Losing the vote could see May resign as Prime Minister as she would hold an untenable position in Westminster. This will probably rally her rebel MPs to support her as they would prefer a slender house majority rather than going to the country again for a general election.

Contact us to discuss your Post-Brexit Financial Planning concerns

At Forth Capital we are renowned experts in the field of expat financial planning. If you are concerned about your situation in the wake of Brexit, or would simply would like to have an independent review of your current financial planning status and your retirement planning goals, then you should contact us today to speak with one of our specialists.

 

Alan Turner

The Author

Alan Turner

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