The United Kingdom (UK) will start the process of leaving the European Union (EU) on Friday 31 January 2020.

The withdrawal agreement that will guide the basis of the United Kingdom’s exit from the European Union has now been agreed. The transition period will commence at 11pm on Friday 31 January 2020 and is expected to last until 31 December 2020, when the formal exit will complete.

During this transition period, there are unlikely to be any significant changes for you.

We will be working throughout the transition period to understand any longer-term consequences, and are committed to helping you understand any implications as information becomes available.

We will share general updates updates on this page, alongside answers to frequently asked questions below.

Last updated 29 January 2020


Frequently asked questions

What does Brexit mean for my James Hay products and services?

We do not expect there to be any significant changes in the short term. If and when changes are clarified, we will contact you if you are affected.

What are the implications of Brexit for my offshore bonds held with James Hay?

We do not expect there to be any significant changes in the short term. If and when changes are clarified, we will contact you if you are affected.

Does Brexit affect the way my James Hay products are protected?

We do not expect there to be any significant changes during the transition period. If and when changes are clarified, we will contact you if you are affected.

Is the uninvested cash in my portfolio protected if the bank(s) holding it fail?

Our products are linked to product bank accounts which are in place to hold uninvested cash. These accounts are provided only by UK licenced banks.

In the event of a bank’s failure, Financial Services Compensation Scheme (FSCS) cover will apply; this is currently £85,000 per customer per bank. It is important to note that all eligible deposits at the same bank are aggregated and the total is subject to the limit of £85,000. For a joint account, the limit will apply to each customer separately.

This FSCS protection also applies to those banks used on our SIPP fixed term deposit cash panel.

The cash held in a deposit account linked to the James Hay Wrap Offshore Bond is held in the name of RL360 as a corporate client, and the amount recoverable if the deposit account provider becomes insolvent may be less than the amount that might have been recovered if the cash deposit account was held by an individual. Please refer to the product literature page or call us for more information.

What does Brexit mean for the transfer of my pension plan to a non-UK scheme?

There are currently no known changes to the rules regarding pension transfers. If changes are announced following the UK's withdrawal from the EU and you are impacted by those changes, we will contact you.

What does Brexit mean for my investments that are directly held with fund providers registered overseas?

We are not aware of any changes which will impact you. However, if you wish to clarify the position please contact the fund provider directly.

Will Brexit affect the choice of funds available on the James Hay Investment Centre?

We do not expect there to be any significant changes during the transition period. If and when changes are clarified, we will contact you if you are affected.

Will James Hay contact me directly about the implications of Brexit?

If there are changes which directly affect you then we will contact you.

How has James Hay prepared for Brexit?

We prepared for a number of Brexit scenarios.

We expect little impact during the transition period, and during this time we will help our customers to understand any potential implications for their James Hay products and services.

We will share information here and will contact you as and when full details are known.

I want to retire overseas. Will I be able to access my James Hay pension benefits?

Income drawdown payments from James Hay products to overseas residents should be unaffected by Brexit.

Is my James Hay product safe?

The safety of our products is not directly impacted by the decision to leave the EU.

We will keep you fully informed of any changes in legislation that result from leaving the EU that affect your portfolio with us.

James Hay Partnership is a safe, secure and profitable business, and remains committed to supporting customers plan and manage their retirement.