Consumers – what does Brexit mean for retirement – the economy

Berlin (dpa / tmn) – The UK’s exit from the European Union does not affect retirement benefits already received. This is what the German Pension Insurance Association in Berlin has indicated.

This means that Britain’s exit from the European Union will not change anything for everyone on a pension taking into account insurance periods in Germany or an EU member state and British insurance periods. Pension benefits that arose as of December 31, 2020 still exist.

For future pension claims of insured persons who have secured periods in Germany or another European Union country and in the United Kingdom by December 31, 2020, trust and solemn regulations apply.

Accordingly, completed periods of employment in the federal states can still be added together for retirement benefits in order to meet the minimum insurance periods required in the respective state, for example in Germany 35 years for long-term old-age pension insured persons who are 63 and above Above, if the pension requirements are met, each state is paid in principle the performance of the times covered there.

European Union law continues to apply to insured persons who were and still have an insurance relationship in Germany, another EU country and the United Kingdom before January 1, 2021. In these cases, future periods of employment may also be added together for subsequent retirement benefits. However, this only applies as long as the insurance or contractual relationship has not been terminated.

For insured persons only insured in an EU country or the UK as of January 1, 2021, only the new trade and cooperation agreement applies. Accordingly, the German and British times have been completed as of January 2021 and also other EU member states will be added together to be entitled to a future retirement pension.

© dpa-infocom, dpa: 210210-99-381341 / 2