April 27, 2024

What does Brexit mean for your pension

What does Brexit mean for your pension

Brexit closed: The UK and the European Union have finally gone their separate ways since the start of the year. But what does this mean for acquired retirement rights?

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The UK’s withdrawal from the European Union has no effect on already acquired pension rights. 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, it is still possible to add periods of work in countries to pension benefits in order to meet the minimum insurance periods required in the country in question – for example, in Germany 35 years for long-term old-age pension for insured persons who are 63 years old or More: If the pension requirements are met, you generally pay each country the performance of the times included there.

What applies to the newly insured

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

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For insured persons who are only insured in an EU country or the UK as of January 1, 2021, the new Trade and Cooperation Agreement applies exclusively.

Accordingly, from January 2021 onwards, the German and British times as well as other EU member states will be joined for a pension.

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