Brexit

*this page was last updated on the 18 January 2021

What does Brexit mean for Royal London customers?

The vast majority of our customers’ plan terms will not be affected by Brexit.

For customers who purchased their plan in the UK and who are currently, and will continue to be, permanently resident in the UK, cover under your plan will not be affected.

A small number of our customers purchased their plan 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 end of the Brexit transitional period, the approach taken by the EU/EEA regulators may affect the plans of these customers. We're monitoring and working through updates from the various EU/EEA regulators.

You might have some questions around Brexit and how it affects your plan, maybe you'd like up to date plan values or to discuss your plan options. Whilst we're happy to discuss your plan details and provide values, please note that if you're an EU resident your 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. Is there any changes to my policy as a result of Brexit?

Our existing customers that are living in the EU / EEA are limited in the changes they can make to their plan.

If you have a pension plan with us, you:

• may not be able to increase your retirement date;
• can't make additional payments to your plan, including single contributions and transfers;
• can't increase regular contributions. If you already have increasing contributions in place these are still allowed;
• can't add new protection benefits or increase the amount of cover under an existing protection benefit on your plan.

If you have a protection or life assurance plan with us, you:

• can't renew or extend the term of your plan;
• can't add new protection benefits;
• can't increase the amount of cover on your plan. If the cover is automatically increasing, these increases are still allowed each year.

If you have a bond or savings plan with us, you:

• can't extend the term of your plan if it has a fixed term or maturity date.

We'll tell you if we're unable to make the change when you request it.

Can I take out a new plan?

You're no longer able to take out a new plan or cover with us.

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.  

Will I still receive my cheque in the post for my pension income?

Yes and we'll tell you if there are any changes to the method of paying your pension income.

Have the charges on my plan remained the same?

We haven't made any changes to the charges on your plan. If our charges were to change in the future 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. 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).
• You could switch to a local bank account. It's important you check for fees and charge as you'll need to pay your contributions and premiums in sterling. Please get in touch with us if you need to consider this option.

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 about where to look for a financial adviser. 

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.

We'll update our website with further information when it's available.