The Independent (UK) : It will be “illegal” to pay private pensions to many retired British expats if the UK crashes out of the EU without a deal, MPs have been told.
The Association of British Insurers said pensioners who receive their payments into bank accounts in their adopted countries would be left without cash.
“That is a perfectly plausible risk in the future of no agreement is reached in some countries of the EU,” said Huw Evans, the ABI’s director general.
An alarmed Hilary Benn, the Brexit committee’s chairman, said: “They might find that they couldn’t be paid their pension – is that what you are saying?”
The warning came as Britain’s leading service industries attacked Theresa May’s Chequers plan for Brexit, the Commercial Broadcasters Association suggesting they had been “thrown under the bus”.
Those proposals would protect goods, by keeping the UK tied to EU rules, but exclude services – even though they make up 80 per cent of the UK economy.
During the evidence session, Mr Evans also warned that tourists would be forced to pay more for health insurance, because they would lose cross-EU insurance cards.