Paphos Life

No-deal Brexit will make it ‘illegal’ to pay pensions to retired British expats living in EU, MPs told...

https://www.independent.co.uk/news/uk/p ... 1532425527

Ridiculous! At the worst, pensions could be paid into a UK bank. What may be bad is that the value of the GBP may diminish (significantly?), meaning your pensions would be worth less.

Certain aspects of Expat life as we know it today will almost certainly change after March next year.

The changes have already started. I received a letter from a UK based insurance company that sell in Cyprus to say that my policy will no longer be issued from the UK. Imstead the company is setting up a subsidiary in the EU because the UK based company will lose its passporting rights after March next year and therefore cannot conduct business in Cyprus or anywhere else in the EU.

I was told today by an employee of the Hellenic bank that there will be new paperwork to sign next year. She couldn't be more specific. As I'm not in debt, don't have a loan or mortgage or credit card I wondering what 'paperwork' will be required. Is it because my status as an EU citizen will change ?

If this latest article is to be believed then it would mean that a UK pensioner currently living elsewhere in the world that is not part of the EU are not able to be paid their pensions. That is obviously not the case or we would all have heard about this already.

The key words are surely the use of "could be" more than once and "IF no agreement is reached in SOME countries of the EU"

I am not going to start worrying about something that has not yet become fact and is still being discussed with lots of use of the words IF, MAY, MIGHT

You may have used the term Lloyd, but there is nothing here to exemplify your assumptions.

There is little fact in this article, so until there is I will ignore it, along with your personal exemplifications.

I agree, in fact it's usual HiC speak really so nothing to get excited about .................... the relevant posts on here so far are Galini's & Devil's!


Shane

PS. Oh & smudger's of course

This report was actually taken from the Brexit Parliamentary Committee sitting this week, I saw part of the statement to the committee by some assurance representatives; Hilary Benn appeared taken aback by some of the statements made as did the other members of the committee. The gist was that they had surveyed eight EU countries (none named) and all had different local laws relating to pensions paid in to their banks by third world countries, in some it was illegal to pay foreign pensions. I would think if you go to BBC Parliament channel you can find it on catch up or do a search on Facebook, that's where I saw it.
Jim B

From the article:

It could be “illegal” to pay private pensions to many retired British expats if the UK crashes out of the EU without a deal, MPs have been told.
The Association of British Insurers said pensioners who receive their payments into bank accounts in their adopted countries could be left without cash.

“That is a perfectly plausible risk in the future if no agreement is reached in some countries of the EU,” said Huw Evans, the ABI’s director general.

An alarmed Hilary Benn, the Brexit committee’s chairman, said: “They might find that they couldn’t be paid their pension – is that what you are saying?”

Just more sour grapes from remoaners.

Interesting interview on LBC this morning with - there is no such thing as a 'No Deal' under WTO rules.

Then there there the crap about UK aircraft no being able to fly over EU well UK control transatlantic air space.

Oh UK in the exchanges of medicine between UK & EU - UK exports 66% and imports 33% 111111111111111111

Devil wrote: ↑Tue Jul 24, 2018 3:10 pm Ridiculous! At the worst, pensions could be paid into a UK bank. What may be bad is that the value of the GBP may diminish (significantly?), meaning your pensions would be worth less.

That's OK if you still have a UK Bank account. Those who were with Barclays have been left pretty much adrift when they informed their Cyprus residing customers they were closing their accounts: & have done so!

I recently informed Barclaycard my new Cyprus address (& even though I had had a Cyprus address for the past 9 years!), they said they could no longer accept Cyprus addresses and would close my account in 90 days. After some correspondence, they then wrote to suggest if I could supply a UK address then the account could be maintained. Thank goodness for a UK family

merchant_banker wrote: ↑Thu Jul 26, 2018 9:30 am Just more sour grapes from remoaners.

Interesting interview on LBC this morning with - there is no such thing as a 'No Deal' under WTO rules.

Then there there the crap about UK aircraft no being able to fly over EU well UK control transatlantic air space.

Oh UK in the exchanges of medicine between UK & EU - UK exports 66% and imports 33% 111111111111111111

I'll wait for the translated version....

It would appear it's not possible on here, to post facts about issues relating to brexit (for many) - and there are plenty - without the gammons getting their knickers in a twist and refuting either the article, the source, or the poster. Usually accompanied by the usual 'remoaners' (hence why I've stooped to a snide back pass - even though it's against my better self), castigation of an individual and applauding each other for an apparent ability to argue, refute or counter-argue. Sad that adult arguing of points - since it affects us all greatly - can't happen.

Jimgward wrote: ↑Fri Jul 27, 2018 3:05 pm It would appear it's not possible on here, to post facts about issues relating to brexit (for many) - and there are plenty - without the gammons getting their knickers in a twist and refuting either the article, the source, or the poster. Usually accompanied by the usual 'remoaners' (hence why I've stooped to a snipe back pass - even thought it's against my better self), castigation of an individual and applauding each other for an apparent ability to argue, refute or counter-argue. Sad that adult arguing of points - since it affects us all greatly - can't happen.

I'll wait for the translated version as well


Shane

Jimgward wrote: ↑Fri Jul 27, 2018 3:05 pm It would appear it's not possible on here, to post facts about issues relating to brexit (for many) - and there are plenty - without the gammons getting their knickers in a twist and refuting either the article, the source, or the poster. Usually accompanied by the usual 'remoaners' (hence why I've stooped to a snide back pass - even though it's against my better self), castigation of an individual and applauding each other for an apparent ability to argue, refute or counter-argue. Sad that adult arguing of points - since it affects us all greatly - can't happen.

What strikes me when I compare Cyprus-based forums for English-speaking foreigners with the German-based one I´m a member of that there are very few Brexit supporters on the German forum whereas they seem to be the majority in Cyprus. I can´t understand where that difference is coming from. Any ideas?

You need to understand the "British" mentality, we're pretty unique really!


Shane

ApusApus wrote: ↑Sat Jul 28, 2018 4:32 pm You need to understand the "British" mentality, we're pretty unique really!


Shane

Who is "we"? Brits living in Cyprus or Brits in general? I could understand that UK based Brits have a different mentality when compared to British expats. But I´m struggling to understand why there are such differences between those in Cyprus and those in Germany.

I suppose what’s difficult to understand is that many expat immigrants in other European countries have voted for Brexit and support Brexit. My father-in-law lives in Spain and Holland and is a firm brexiteer. I cannot understand that either. He is now complaining he cant sell his property in Spain because of brexit. A wry smile did cross my face.

HIC, I hope that you are being pessimistic when you say that the pound’s value will slump badly in the event of a hard brexit. At present it seems very difficult for our PM to negotiate with the EU moghuls and there is talk of a Brexit wth no deal.
Where pensions are concerned I still have a UK bank account, which I kept which is a relief.
But it seems hard to believe that the Cyprus banks would refuse to accept our UK state pensions being paid in, though we may lose our right to have the annual increments to them which are supposed to reflect the rise in the cost of living. Brit expats in countries such as Australia and Canada have their pensions frozen as far as the increases are concerned. My sister in Australia has hers paid into her UK bank and draws on the accumulated amount when she visits the UK.Could this happen to us in Cyprus?
Dee

Kili01 wrote: ↑Sun Jul 29, 2018 6:04 pm HIC, I hope that you are being pessimistic when you say that the pound’s value will slump badly in the event of a hard brexit. At present it seems very difficult for our PM to negotiate with the EU moghuls and there is talk of a Brexit wth no deal.
Where pensions are concerned I still have a UK bank account, which I kept which is a relief.
But it seems hard to believe that the Cyprus banks would refuse to accept our UK state pensions being paid in, though we may lose our right to have the annual increments to them which are supposed to reflect the rise in the cost of living. Brit expats in countries such as Australia and Canada have their pensions frozen as far as the increases are concerned. My sister in Australia has hers paid into her UK bank and draws on the accumulated amount when she visits the UK.Could this happen to us in Cyprus?
Dee

Why should the "EU moghuls" negotiate? They didn't want us to leave nor vote for us to leave so why do they need to negotiate. When I leave my local gym I don't say I'm leaving but I'd still like to have access to the swimming pool thanks. I'm either a member of the gym or I'm not a member.

I find it really interesting that people thought the UK could leave the EU and take all the good bits with them then look elsewhere in the world and take all those good bits as well. It's just not going to happen.

Full disclosure: I voted remain as I want to move to Cyprus and I want the future generations to have the same opportunities I'm getting.