How a No-Deal Brexit Could Affect Your Pension
With on-going uncertainty surrounding Brexit, the talks of dramatic policy changes under the new Government, being aware of the potential impacts Brexit could have on your UK-based pension may help you get and remain ahead with your pension. Prime Minister Boris Johnson has signalled that Britain will leave the EU by the October 31 extended deadline with or without a deal if no agreement has been reached.
The new UK Prime Minister is set to meet with European leaders this week and it is expected that he will attempt to restart negotiations to avoid the UK crashing out. However, with the contention surrounding the Irish backstop, some predict that the UK government will be moving ahead with a no-deal Brexit as the ‘central scenario’.
With this in mind, consider the possible impacts of market volatility post-Brexit on workplace pensions. The performance of many pension schemes and funds are linked to the performance of the UK economy, as many of the underlying assets fund managers invest in are UK assets. If the domestic financial markets suffer then the value of many schemes may too be impacted. Defined benefit schemes, unlike defined contribution schemes which derive their value from market performance, may to be at risk due to scheme deficits. With already substantial fund deficits, assessing the ongoing viability of your current investment situation may be useful in helping to manage uncertainty and risk.
If you live out of the UK and still have a UK-based pension, it may be worth looking into your options to bring your pension and money closer to you.
New Zealand based Ranfurly Strategic offer a listed NZ QROPS Superannuation Scheme, as well as an agent that can assist you through the transfer process, prepare transfer forms, and assist in obtaining the required UK and NZ advice that you need. The Ranfurly Scheme is listed on the UK Government Recognised Pension Schemes List.
With Ranfurly, be closer and in more control of your money and be assured knowing that your pension is backed by award-winning investment groups.
To get ahead in your retirement journey, start now.
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