Withdrawal from the European Union: What does Brexit mean for pensions

Britain’s exit from the European Union is closed. The United Kingdom and the European Union are going their separate ways. But what does this mean for acquired retirement rights?

UK withdrawal from I am It has no effect on retirement benefits that have already been earned. This is what the German Pension Insurance Association in Berlin has indicated.

This means: For everyone receiving a pension subject to insurance periods in Germany or European Union countries and British insurance periods, the changes change. Brixi nothing. 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 EU country and in the UK by 31 December 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 aged 63 and over 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 who are 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 (Dpa)