[UK] Delays and hidden fees for expat pensioners post-Brexit

Expat pensioners could face hidden fees, poor exchange rates and significant delays when accessing their retirement savings after the UK leaves the EU, a leading online pension provider has warned. After some of Britain's biggest banks said that they would close expatriates' accounts at the end of the transition period on December 31, PensionBee cautioned that pension savers may be forced to re-route their retirement funds through accounts held by European banks, leaving them open to unexpected fees and the impact of exchange rates.

Low interest rates are also likely to have an effect on the amount retirees ultimately receive. Pensioner living abroad should also expect administrative delays due to the documentation needed to make switches to bank account details. PensionBee also pointed out that providers are on high alert regarding overseas pension scams and, as a result, might refuse to transfer a pension abroad or take up to six months to complete the necessary due diligence to release the funds. International Investment has further details and advice from the provider.

Expat pensioners could face hidden fees, poor exchange rates and significant delays when accessing their retirement savings after the UK leaves the EU, a leading online pension provider has warned. After some of Britain's biggest banks said that they would close expatriates' accounts at the end of the transition period on December 31, PensionBee cautioned that pension savers may be forced to re-route their retirement funds through accounts held by European banks, leaving them open to unexpected fees and the impact of exchange rates.

Low interest rates are also likely to have an effect on the amount retirees ultimately receive. Pensioner living abroad should also expect administrative delays due to the documentation needed to make switches to bank account details. PensionBee also pointed out that providers are on high alert regarding overseas pension scams and, as a result, might refuse to transfer a pension abroad or take up to six months to complete the necessary due diligence to release the funds. International Investment has further details and advice from the provider.