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06 Jan 2021

The impact of Brexit on pension schemes

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When the UK left the EU on 31 January 2020, a transitional period started during which the relationship between the UK and the EU continued as if the UK were still a part of the EU. That Brexit transition period ended at 23:00 on 31 December 2020. The last-minute UK-EU trade agreement then took effect. 

Whilst significant aspects of UK pensions law derive from the EU, for example much of the law relating to scheme funding and discrimination, these have mostly been incorporated into UK law. UK pensions law is therefore largely unaffected by the ending of the transition period. There are, however, a number of practical considerations that both trustees and employers should bear in mind as a result of the Brexit process.

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