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Thread by @KafkasCastle1: "Just looking at this ABI scare story that insurance payments will be illegal to pay insurance-based pensions to UK residents in EU THREAD pr […]"

6 tweets, 2 min read
Just looking at this ABI scare story that insurance payments will be illegal to pay insurance-based pensions to UK residents in EU THREAD
professionaladviser.com/professional-a…
1/ It seems odd because I have one American and one EU parent. They live in the US where they live off the EU pension. The US isn't exactly an easy country in which to receive foreign income
2/ Your pension company can pay money into a UK bank account. SIPP providers *must* pay the pension into a UK bank account. That won't change post-Brexit
3/ Can you have a foreign bank account in the EU? Mais bien sur. It's always been perfectly legal ("parfaitement légal"), as long as you declare it and pay tax on the income. Just like before Brexit
4/ For sure, the insurer can't sell you an insurance-based pension from the UK to the EU. But it can very easily set up a small subsidiary to do so. So this is yet another bullshit Brexit scare story. Thanks for wasting my time, ABIdiots END
3b/ In case it needed explaining, you can just transfer the money from your UK bank account to your EU bank account. Perfectly legally. No change post-Brexit
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