UK Snap Election Could Drive Pension Uncertainty

Following numerous bids by the U.K. Prime Minister Boris Johnson to call a snap election, the deadlock has finally been broken. MP’s voted 438-20 in favour of the general election and the date has been set for 12 December. This near-unanimous support for the general election following three prior failed bids comes after the second Brexit deadline of 31 October passing with no deal yet in place between the European Union and the U.K.

Prime Minister Boris Johnson hopes that the election will allow for a “new and revitalised” parliament to push through his offer, which was accepted by EU leaders but rejected by the Conservative Party. While the main opposition Labour Party is set to campaign on the promise of a second Brexit referendum, to let the people vote on whether they still wish to part from the EU. With not enough support in government, Labour may consider the snap election as the only path to the possibility of a second referendum.

With the deadline being pushed back again until late January 2020, the potential impact on the pensions of those living in the U.K. and those living abroad who still have a U.K. based pension will not be known as this unpredictable state is extended. The impact on pensions evident already through events such as the suspension of major workplace pension reform, as a result of the general election vote.

With the ongoing uncertainty surrounding Brexit and its potential impacts on UK pensions, if you are living in New Zealand with the UK held pension, or have a QROPS held outside New Zealand transferring your pension to New Zealand will remove this uncertainty and will help you be closer and more in control of your money.

Ranfurly Strategic offer a listed 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.

 The Ranfurly Superannuation Scheme is an NZ QROPS backed by award-winning investment groups.

 To get ahead in your retirement journey, start now.

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