Planning for the possibility that the UK and the EU might not reach a deal on their new relationship prior to the end of the transition period on 31 December 2020 has prompted the UK Pensions Regulator to update its Guidance in March 2020 on cross-border pension schemes operating between the UK and the EU. The Guidance contains advice as to how such pension schemes should prepare for the end of the transition period.
Contemplating the possibility that there might be no deal between the two sides, the Guidance considers the implications for EU- based pension scheme contributors to UK schemes and vice versa and recommends that local professional advice be taken both in the UK and in the EU countries concerned, where the EU-based pension scheme contributors are based, on what needs to be done in the event of such a no deal.
The Guidance helpfully gives details some of the regulators to contact in EU member states, who may be relevant to the assessment of how to deal with these significant UK-EU cross- border pension schemes (estimated by the UK Pensions Regulator to be about 40 in number) in the light of the possibility of a "no deal" post-transition period situation.
This is an example of the detailed work that needs to be done to plan for life following the transition period.