Brexit frequently asked questions

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While the UK was in the EU, UK banks generally offered some or all services to clients who lived in other EEA countries. When the Brexit transitional period ended on 31 December 2020, certain UK banks took the decision to close accounts held by EEA residents. This means they‘ll have to make urgent alternative arrangements so they can continue making payments into or receiving payments from pensions and insurance policies.

If you believe you may be affected because you’re overseas and making contributions to, making regular payments for, or receiving an income from, a product with Aegon, and if you haven’t heard from your bank, you should contact them immediately to find out what banking services it can offer you in 2021 and beyond.

In some cases, this may depend on which EEA country you live in. If you find your existing UK bank account has been closed, you’ll need to make alternative arrangements.

You can find the list of countries in the EEA at gov.uk/eu-eea.

If your bank has closed your UK account, our understanding is that no payments in or out of the account will be processed by the bank. We anticipate that any regular contributions that you were making will be stopped by the UK bank and any payments that you request us to make will be returned to us. You’ll need to make alternative arrangements with another UK bank.

If you change your bank account, please make sure you tell us your new account details by selecting the appropriate product type below: 

  • Aegon Retirement Choices (ARC) and One Retirement
  • The Aegon Platform
  • Aegon and Scottish Equitable pensions and bonds, please call 03456 10 00 10 (+44 (0)131 666 8567 from overseas). Lines open 9.00am-4.00pm, Monday-Friday. Call charges will vary.
  • Nationwide Building Society – contact us using web chat, or call +44 (0)345 272 0089. Lines open 9.00am-4.00pm, Monday-Friday. Call charges will vary.
  • For Protection policies, please call +44 (0)3456 10 00 37. Lines open 9.00am-5.00pm, Monday-Friday. Call charges will vary.
  • For any other product, please contact us

If you currently make payments to us by direct debit, you’ll need to set up a new instruction from the new bank account.  Please select the appropriate product type below:

  • For Aegon Retirement Choices (ARC) and One Retirement, contact us using web chat, or call us on +44 (0) 3456 081 680. Lines open 9am-4pm, Monday-Friday. Call charges will vary.
  • For Aegon Platform, please contact us
  • Aegon and Scottish Equitable pensions and bonds
  • Nationwide Building Society – contact us using web chat, or call +44 (0)345 272 0089. Lines open 9.00am-4.00pm, Monday-Friday. Call charges will vary.
  • For Protection policies, please call +44 (0)3456 10 00 37. Lines open 9.00am-5.00pm, Monday-Friday. Call charges will vary.
  • For any other product, please contact us

If you’re having difficulty getting an alternative UK bank account, please use the relevant details above to get in touch or view all the ways you can contact us.

The Brexit changes only affect those who live in countries in the EEA.  If you’re a customer based in a country outside of the EEA, your current arrangements won’t be affected by the end of the Brexit transition period.

A state pension can be paid into any bank account you choose, including with a bank in the country you’re living in. As long as this account remains open, your state pension payments won’t be affected. If your bank has closed the account payments are being made to, you’ll need to arrange for payment to another bank account.

This affects any Aegon product you’re making contributions to, making regular payments for, or receive an income from. This includes pensions, ISAs, protection policies, payments into or out of a general investment account (GIA) on our platforms, bonds and any drawdown income.

If your employer is paying contributions to us, including any they have deducted from you through your salary, these are coming from their bank account not yours. So any changes to your bank accounts won’t directly affect this.

For more information, please visit the UK Government’s Brexit website or the UK Finance Consumer Guide on Retail Banking in the European Union after Brexit.  We also recommend you speak to a financial adviser if you have one. There may be a charge for this. 

We’ve monitored developments closely and have been focusing on the interests of our customers - making sure that our business has been prepared for all Brexit outcomes. As a UK business, we’ve followed existing EU laws and regulations relating to financial services which applied before 1 January 2021. The UK Government and regulators have already said that the UK will continue to follow these existing EU rules for now, although decisions may be made at a later date to move away from these. This gives continuity and time to plan for any future changes.

Pensions and investments tend to be invested in stocks and shares, the value of which can fall as well as rise. Investors may change their views on the value of various stocks and shares as they respond to what the impact of the UK’s withdrawal and agreed trade agreement might mean for companies both within and outside the UK.

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. We’re unable to provide advice. There may be a charge for this.

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, there won’t be any immediate change. 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 changes the way they can provide services to you.

Not as a direct result of Brexit. The minimum age at which you can take a pension is set by the UK Government. It's currently age 55 but will increase to age 57 in 2028.

Tax relief is set by the UK Government and there’s been no suggestion that the UK Government will change this as a direct result of the UK leaving the EU. 

Not as a direct result of Brexit. ISAs are a UK product and the rules are set by the UK Government.

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. We plan to carry on servicing both groups of customers, but we’ll continue to monitor developments within each individual EU member state. It’s possible that future developments or rules applying to your country of residence could mean that we’ll be unable to continue to service your policy. If this happens, we'll set out the options you have for the product you hold with us. 

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 shouldn’t be 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 (EAA), 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.

Social security coordination will continue to benefit EEA and Swiss citizens who are living in the UK by 31 December 2020. There are two parts to this:

  1. Periods when you’ve lived in a country or contributed towards the state pension there for more than a year can count towards your pension, even where you’d normally have to live there or contribute for longer than that to qualify for a state pension in that country.
  2. The second benefit is that states will work together to pay benefits earned in different counties, which means that you normally only need to make one claim.

It will be possible to count any social security contributions made in the EEA or Switzerland towards your UK state pension, assuming these were made before 31 December 2020 and you’re covered by the Withdrawal Agreement. We have yet to see confirmation over whether this will continue after 31 December 2020.

It’s not known whether EU countries will continue to increase the pensions they pay to their citizens living in the UK.

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.

In either case, the UK Government has confirmed existing EU laws and regulations relating to financial services will continue to apply unless and until they consciously decide to set different UK rules.

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.