Brexit frequently asked questions

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We monitored developments closely with a focus on the interests of our customers – making sure that our business was prepared for all Brexit outcomes. As a UK business, we followed EU laws and regulations relating to financial services which applied before 1 January 2021. The UK has now retained these EU laws and regulations into UK law so there was little immediate impact after Brexit. However, we expect there will be some divergence of the rules in future as the UK Government and Regulators review the UK Regulatory Framework. 

Pensions and investments tend to be invested in stocks and shares, and other assets – the value of which can fall as well as rise. Brexit may have impacted investors views on the value of various stocks and shares.

Looking ahead, the value of pensions and investments will continue to be affected by the value of the funds they're invested in and there are no guarantees. The value is also likely to depend on broader economic factors, for example – interest rates, currency movements, and general views on the UK and other countries' outlooks. It isn't possible to predict these in advance. You could get back less than you invest.

If you’re considering changing where you’re invested, we recommend you speak to a financial adviser – there may be a charge for this. We're unable to provide advice.

The FCA (the UK’s financial regulator) has put in place a transitional regime which allows EU funds and EU advisers to continue to provide services into the UK. So long as these funds and advisers have applied to join the transitional regime, they can continue to provide services to customers in the UK for now. The regime is expected to run for 3 years and during that time funds and adviser firms will need to decide if they want to become authorised in the UK. If they don’t achieve UK authorisation, then at that point they would need to stop providing financial services in the UK.

We’ve engaged with the EU-based funds that we make available and confirmed that we can currently continue to make these available to our customers.

If you use a financial adviser in the EU, you should contact them to understand if Brexit changes the way they can provide services to you.

This might depend on the country that you live in and the types of products your adviser helps you with. If you live in the EU but use a UK financial adviser, you should contact them to understand if Brexit changed the way they can provide services to you.

The safety of your Aegon UK pension, investment or protection policy isn’t directly affected by the UK leaving the EU. Aegon UK is a financially strong company with a robust balance sheet and also benefits from being part of the worldwide Aegon group.  

As an important part of the Aegon group, our parent company continues to support us in the UK. Aegon UK is independently strong with a robust balance sheet.

We have customers who moved from the UK to the EU after taking out a product with us. We also have customers who were living in the Republic of Ireland when they became customers.

Customers who live outside of the UK can keep their product with us, but new investment activity is not allowed. There is no impact on claims or withdrawals and these can continue.

Living and working in the UK

UK state pension benefits are set by the UK Government. Generally speaking, if you’ve always lived and worked in the UK, your state pension isn't directly affected as a result of Brexit.

Living in or moving to the EU 

If you’re a UK citizen living in the European Economic Area (EEA) when you reach the UK state pension age, the UK Government has promised to continue to increase your state pension each year, for so long as you continue to live there. This will be at the same rates as those receiving their UK state pension while resident in the UK.

If you’re working in the EEA or Switzerland, you’ll also be able to count future social security contributions towards meeting the ‘qualifying conditions’ for your UK state pension.

Please note that now we’re no longer in the EU, individuals don’t have an automatic right to work or live in the EU.

Unrelated to Brexit, the UK state pension age for both men and women will increase to age 67 in 2028.

Many of the rules and regulations currently applicable to financial services in the UK come from EU laws. Some of these applied automatically as a result of our EU membership. In other areas, the EU sets rules which member countries then need to build into domestic laws and regulations.

The UK Government ’on shored’ existing EU laws and regulations relating to financial services into UK law so that these continue to apply.

In some cases, when the UK has implemented EU regulations, the Government has gone further, suggesting it supports these rules, so they may be unlikely to revoke them. In other areas, the UK may decide in the future to deviate from the EU rules, although it remains to be seen to what extent this will happen.