*this page was last updated on the 9 December 2020
What does Brexit mean for Royal London customers?
The vast majority of our customers’ policy terms will not be affected by Brexit.
For customers who purchased their policy in the UK and who are currently, and will continue to be, permanently resident in the UK, cover under your policy will not be affected.
A small number of our customers purchased their policy in the UK and are now permanently relocated or may, in the future, permanently relocate to a different country within the European Union / European Economic Area. Following the outcome of the Brexit negotiations, the approach taken by the EU/EEA regulators may affect the policies of such customers. We do not yet know what the approach of these regulators will be.
You might have some questions around Brexit and how it affects your policy, maybe you'd like up to date policy values or to discuss your policies options. Whilst we're happy to discuss your policy details and provide values, please note that if you're an EU resident your current options may be impacted by Brexit.
Below are some quick answers that you might find helpful. If you’d like to get in touch please use the relevant contact details on our Contact us page.
I bought my policy in the UK, but I now live in an EU/EEA country. Will there be any changes to my policy as a result of Brexit?
We don’t yet know for certain how your policy will be affected by Brexit. However, non-UK residents may not be allowed to set up new contracts and the ability to make changes (e.g. change contributions, cover or term) may be limited. Once we know the outcome of Brexit, we’ll communicate any changes to customers that are affected.
Will the rules around death benefits be changing as a result of Brexit?
No. This is set by UK legislation. We can’t comment on how any death benefits will be taxed in your country of residence if you live outside of the UK. This has always been the case and Brexit doesn’t change that. However, depending on the Brexit outcome, non-UK resident beneficiaries may not be able to use the funds to buy a new contract with Royal London.
Will I still receive my cheque in the post for my pension income?
We’re working with our bank on what the changes may mean for payments to our non-UK resident customers
Will our charges remain the same?
We don’t expect our current servicing charges to change as a result of Brexit. If there are any additional charges for any reason, we will communicate them to affected customers.
What should I do if my UK bank account is being closed?
We understand that some banks have contacted customers living in the EU, advising that their UK bank account will be closed due to Brexit. The majority of banks are holding off to see what happens with Brexit but if you’ve been contacted, some of your options include:
- Speak with your bank to see if there’s any way that your account can remain open. This might require you to have another suitable address in the UK
- Switch to a different UK bank. There may be other UK banks still operating in the country you live in who allow you to open an account with them. (There is of course the risk that they’ll also close UK accounts in the future).
- Providing you’re registered as a resident then try switching to a local bank. It’s important that you check for fees and also if they’ll allow the same transactions that you had on your UK account. Remember these banks will probably operate in Euros so any conversion to Sterling may involve charges. Also remember that operating in Euros will be subject to the exchange rate so the value of the transaction may vary.
If you're thinking about making any changes to your policy, we strongly recommend that you speak to your financial adviser to consider your options thoroughly before taking any action.
If you're resident in the UK and don't have a financial adviser you can find a professional in your area. Find out more here.
Advisers may charge for their services, but they should agree any costs with you up front.
We continue to monitor the political developments and engage with our regulators, so we can minimise any regulatory or operational difficulties that might arise and are seeking to provide the service our customers expect whatever the outcome of the final Brexit discussions.
We will update our website with further information when it is available.
Brexit - extra information
It’s at times like these, that fraudsters look to take advantage of the current uncertainty. To help you stay safe from scams, here are some things to watch out for:
- Beware of all unexpected calls, emails and text messages
- Genuine organisations never ask for your PIN, full password or to move money to another account
- Never give out your personal or financial details unless it’s for a service you want to use, and where you trust the provider
- Don’t be pressured into acting quickly – a genuine bank or financial services firm won’t mind giving you time to think
- Always double-check the web link and company contact details in case it’s a ‘clone firm’ pretending to be a real firm
- If you get an email, expand the pane at the top of the message and see exactly who it has come from – if it’s a scam, the email address of the sender may be filled with random numbers or be misspelled
- Beware that fraudsters can ‘clone’ email addresses to make their emails seem genuine
- Remember the old adage: if it seems too good to be true…it probably is