The Brexit vote is in but the economic and political fall-out is far from settling for expats who now have an uncertain status in Europe.
The only action that is sure for now is that Britain will leave the European Union, but when and how this will happen is still undecided.
The country has voted 52% to 48% to leave with a 72% referendum turn-out but the rift between the remain and leave camps is still dividing the country.
Scotland voted as one to remain. England voted to leave and Wales had some remain strongholds, but mainly voted to leave.
The worry now is that the referendum will trigger another move for Scotland to seek independence so the country can remain in the European Union.
Pension values evaporate
Uncertainty over what will happen has already wiped £100 billion off the value of Britain’s leading companies. The Pound has lost 10% against the US dollar and 6% against the euro.
The value of savings and pensions is evaporating and now may well be the time for all expats to switch their UK pensions offshore.
The advice comes from Nigel Green, boss of the world’s largest financial advice firm for expats, deVere Group.
“Leaving a pension in the UK is handing control of your retirement savings to someone else and we just do not know what is going to happen to the economy,” said Green.
“QROPS allow expats to grab back control of their pension savings and acting now while the opportunity remains available lets expats get their pensions out of Britain before too much damage is done.”
QROPS safe haven for pensions
Expats face the double whammy of tumbling fund values and a collapse in spending power as the Pound dives.
“Expats and foreign workers with UK pension rights can switch their pensions to a QROPS under current rules,” said Green. “A QROPS is a place in calmer waters to put your pension and is probably a winning decision for any British expat in Europe right now.”
“No one knows what is going to happen to the British economy and uncertainty is likely to last for some time.
“Anyone retiring in the next year or so needs to act quickly to protect the value of their investments.”
Further QROPS Information and Guidance
For more information about QROPS and the benefits it provides, download the iExpats QROPS Guide or complete the Get Advice form.
