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Brexit round-up: Brexit driving pensions overseas

Brexit driving pensions overseas

As the countdown to triggering Article 50 continues, the number of people enquiring about transferring their final salary pensions overseas is increasing.

According to deVere Group, with the number of affirm enquiries having increased by 21% since the start of December.

Nigel Green, founder and CEO of deVere Group, said:

“All in all, so-called ‘gold-plated’ final salary schemes are, in many cases, looking considerably less golden than they once did. As such, people are, quite sensibly, looking to safeguard and take control of their hard earned retirement income.”

Business confidence bounces back

Small business confidence in Q4 restored to levels before the EU referendum, according to the Federation of Small Businesses (FSB).

Research showed that confidence measures stood at 8.5, almost as the same level at the start of 2016 (8.6) and up from -2.9 in Q3.

Firms however cited the exchange rate as the main cause of cost inflation, currently at 28%.

Mike Cherry, national chairman at FSB, said:

“The falling pound is driving up the price of imports and rising oil prices are being reflected in higher fuel costs. These inflationary pressures and price competition are hitting the bottom line hard with the majority of small firms seeing their profits continue to fall.”

Levy on skilled EU workers criticised

Businesses have criticised the immigration minister’s proposal for an annual levy on EU workers recruited by employers after Brexit.

Robert Goodwill told peers that an annual levy of £1,000 for each skilled worker from the EU could be introduced after the UK leaves the EU.

Adam Marshall, director general of the British Chambers of Commerce, said:

“A levy on EU hires would add unnecessary expense and bureaucratic obstacles to hiring the people that companies require to fill the gaps, on top of the unwelcome Immigration skills charge coming into effect later this year for non-EU workers. Small businesses in particular would be hit by such a cost.”

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