Brexit-Lehtikuva

Finnish Centre for Pensions keeps an eye on Brexit negotiations

Great Britain and the European Union are negotiating on terms relating to Great Britain’s withdraw from the EU. We keep an eye on the situation. As soon as more information about the negotiations is available, we will inform our customers of how Brexit may affect them.

On 29 March 2017, the government of Great Britain served the withdrawal notice. That was the beginning of a two-year negotiation period, which will end on 29 March 2019.

Two options after the negotiations

The results of the withdrawal negotiations will determine what position Great Britain will have in relation to the EU as of 30 March 2019.

If no mutual agreement on the transition period and its content is reached, Great Britain will withdraw from the EU immediately, without a transition period. When Britain exits the EU, it will become a non-EU country as of 30 March 2019.

If a withdrawal agreement is reached, it will define the transition period to last until 31 December 2020. Great Britain will be viewed as an EU Member State during the transition period.

If Great Britain withdraws from the EU, the social security (including earnings-related pension insurance) of Finns working in Great Britain is affected.

The Finnish authorities, including the Finnish Centre for Pensions (as far as pensions and insuring work abroad is concerned) will inform of the effects of Britain’s withdrawal as soon as more information about the negotiations becomes available.

Background information on the withdrawal negotiations:

Photo: Toby Melville/ Lehtikuva