Pension Rights

Department for Work and Pensions written question – answered on 13th January 2021.

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Photo of Guy Opperman Guy Opperman The Parliamentary Under-Secretary of State for Work and Pensions

There is no change. The UK will continue to provide the same protections to pension savers, as were in place before the end of the transition period.

Anyone who has accrued benefits in a UK occupational pension scheme in the UK can continue to access their pension savings or pension rights regardless of whether they live outside of the UK in either an EU or a non-EU state. Existing forms of protection for those savings, will continue to be available.

The Pension Regulator will continue to supervise UK occupational pension schemes, taking action where appropriate, so that UK employers, trustees and providers comply with UK laws that protect members’ rights and benefits.

The Pension Protection Fund, will continue to pay compensation to members of eligible Defined Benefit pension schemes administered in the UK even if the employer is based in the EU. The PPF pays compensation to eligible pension schemes whose sponsoring employer has become insolvent, and the pension scheme is unable to meet its pension liabilities.

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