How Brexit could impact your pension
Though no one is yet sure exactly what will happen with Brexit, the one thing we do know is that the uncertainty is affecting everything, including pensions. If you have a pension, Brexit could affect it in a number of ways.
Delays
With Brexit taking up so much time and energy, it’s no surprise that pension policy has been neglected and vital legislation has been delayed. Brexit limbo is also affecting planning in other areas, even obstructing financial mid-life MOTs that could give people the tools to manage their finances heading into retirement.
The unscrupulous are always looking for new opportunities to scam the unwary too, and Brexit uncertainty has given some scammers more platforms to exploit people’s fears and to con the unsuspecting. Be careful of anyone calling you that you don’t know who wants to discuss your pension.
Living abroad
For those living in the EU, they will undoubtedly be experiencing great anxiety about the fate of their pensions. There are many question marks facing those living in the EU, such as whether insurance companies will still make payments, and whether a separate deal will be needed to ensure continued index-linked payments for recipients in each EU country. For more details on what may require attention, see this report in The Guardian.
Brexit is almost certainly going to affect the general economy, and this could have a significant effect on investments, savings and any pensions linked to the stock market. It may be wise to consult a financial advisor regarding whether your pension may be affected. Professionals often use financial advisor software to quickly produce a number of outcomes for investment portfolios and different factors affecting them. If you are interested in finding out more about the potential of financial advisor software, it would be worth looking at a site such as www.intelliflo.com, where you can get more ideas and information about the options available.
Brexit is proving to be a challenge on many fronts, and pensions are just one of these. If you have concerns about your pension, getting professional advice is generally a good idea. It is better to plan from a place of knowledge, and having a pension organised properly provides peace of mind for many people. Being without this form of security could be an unpleasant experience you could do without.
