Treasury Committee chair Nicky Morgan has written to chancellor of the exchequer Philip Hammond seeking clarity on the treatment of cross-border pensions and insurance contracts written prior to Brexit.
The letter, a copy of which has been seen by Professional Adviser, asked what proposals are being considered "to preserve stability and certainty" regarding insurance contracts that "straddle ‘Brexit day'", if the issue poses risks to "a smooth and orderly exit" and whether the government intends to publish a position paper. "The possibility UK providers may not be legally able to pay out pensions or insurance contracts to citizens in the EU - including UK expats - is a stark example of the consequences of a ‘cliff-edge' Brexit," said Morgan. "Both the UK and the EU have a strong mutu...
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