The United Kingdom (UK) exited the European Union (EU) on 31 January 2020, commonly known as “Brexit”. Both the UK and EU are now subject to a transition period (sometimes referred to as the implementation period) which is expected to last until 31st December 2020.
We understand that some UK banks are considering closing UK bank accounts for people living in the European Economic Area (EEA) without a UK address, as they may no longer be able to offer their services in some countries after 31st December 2020.
Do I need to take any action?
If you are a pensioner living in the EEA and we pay your regular pension into a UK bank account, yes. You should check with your bank as soon as possible to understand whether your bank account will be impacted. If your UK bank account is closed, the pension payments we make to you would be returned to us by the bank.
If we do not hear from you, we will continue to pay your pension to your existing UK bank account. However, if you decide to change your bank and set up a new bank account for us to make your pension payments to, please contact us immediately and we will send you a new Bank Mandate Form to complete and return to us as quickly as possible. The completed form can be posted or emailed to us.
Please contact us if you have any questions. Please note, we’re able to help you more quickly if you contact us by email rather than by posting a letter - please make sure you include your name, policy number(s) and a contact telephone number.