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U.K.'s Retired Sun Seekers Risk Losing Pensions After Brexit

  • Paying pensions cannot occur across borders beyond transition
  • Moving policies to EU subsidiaries costs millions of pounds
An elderly woman rides a mobility scooter along the beachfront promenade in Benidorm, Spain.

An elderly woman rides a mobility scooter along the beachfront promenade in Benidorm, Spain.

Photographer: Matthew Lloyd/Bloomberg
Updated on

As a long-term resident of Spain, British ex-pat John Barlow had no hand in his country’s decision to leave the European Union. That doesn’t mean he’ll escape the consequences.

Like thousands of British retirees living in European Union countries, Barlow, 72, could lose access to his private pension unless U.K. and European negotiators reach a deal that allows the payments to continue after Brexit. With less than a year before the official exit date, the two sides haven’t even started discussing the issue of cross-border financial services, leaving pensioners like Barlow unsure about the future.