Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, whether her Department has developed proposals for the free movement of capital with in relation to pensions for (a) UK citizens that have accrued pensions in the European Union and (b) for non-UK EU citizens that have accrued pensions in the UK after the UK has left the EU; and will she make a statement.

UK pensions legislation already ensures that any member of a UK pension scheme has a statutory right to transfer their pension, which includes the option to transfer to any overseas pension scheme where that scheme meets certain requirements. Equally, UK pensions legislation does not prohibit a UK pension scheme from receiving capital from overseas pension schemes.

The UK and EU have already agreed the terms of an implementation period lasting until the end of 2020. During this implementation period, access to one another’s markets will remain unchanged and on the current terms, ensuring continuity for consumers and businesses.

Under any other scenario to the rights of members of UK pension schemes to transfer their pension, will not be affected. Whether they are a UK citizen or a non-UK EU citizen, they will continue to be able to transfer their pensions to overseas pension schemes. Equally, UK pension schemes will continue to be able to receive transfers from overseas pension schemes.