Move pension out of UK, if living permanently in another EU country (before Brexit)?

[Upthepong]

A few years ago, living outside the UK, I looked at moving two UK pensions across. I was offered what I thought, at the time, a miserly sum for 11 years worth of final salary pension spread across two different pensions. Now, everything has changed and we have Brexit looming and I have no idea what this will mean for pension value in the future. I have another 25 years working life left and am paying into a private pension where I live now. But, will the UK pension value be affected by Brexit in the long term, and should I look at transferring it across. As an added complication, I am living in one of those other countries that is very interested in seeing how it goes with Brexit and possible following suit. Will the people investing the pensions in the UK make a killing from Brexit? Or will the value of the pound diminish a dn thus the value of the pension drop (I have no idea how these things work, so excuse my ignorance). Both pension in the UK are final salary and in reputable schemes. Anybody help me with this quandary? What are others in the same situation doing?

A defined benefit pension (DB) puts all risk on the employer. You already know what your benefit will be as it's defined, hence the name. All you need to worry about is accrual rate and your final salary.
I am a little confused though as you say you have two which I didn't think was possible. I thought unless you have either drawn or transferred a DB pension before leaving a company, your entitlement to that pension ceases upon leaving. I'm happy to be corrected otherwise though.

On your main point, pension investments are global. Brexit is likely to be no more than a blip on those investments and may provide an opportunity for some.

Thanks for replying Kamelo, it is much appreciated. I'm not sure what a DB pension is, my two are termed 'final salary' pension schemes which means I get a pension proportionate to my final salary. I left one job after 5 years, so have 5 years of that one, and 7 years from the second job. I definately have two pensions, one from each job. Of course, I don't/can't pay into either now, so they are just sitting their as investments hopefully earning their keep and increasing in value. I still get the annual statements for both.

I take your point about pension investments being global, but I am worried that they are in pounds sterling. I can't work out if that is to their detriment or not if the pound devalues after brexit. LIke I said, my financial knowledge is not good. I live in another country, and at the moment the pound is weak against this country's currency. If I go back to the UK my spending money goes very far. But, my parents have to be careful with their pounds when visiting as it is expensive for them with the exchange rate. I hoep you can sort of understand where I'm coming from. I'm anxious.

I don’t think that’s right Kamelo. My USS defined benefit pension doesn’t work that way.

I’m not sure about the benefit to moving a DB pension abroad but I can’t see how it will be affected by brexit unless the whole pension scheme collapses.

Both pension in the UK are final salary and in reputable schemes.

This is important! You have deferred membership of two schemes that will each pay you a pension benefit in retirement that is linked to your final salary when you left each respective employer, will have been increasing every year since you left by a similar amount to inflation (depends on specific scheme rules) and will probably increase in payment too.

You say that you are 25 years away from retirement, and that you have no understanding about how pensions work. In which case I'm not sure why you would want to consider moving your benefits out of a favourable environment where the employer companies' pension trustees bear all of the investment risks and responsibilities, into a personal pension arrangement where you are wholly responsible for such decisions and will have only yourself to blame if you lose all your money.

If the company pension schemes were already in financial difficulties (funding deficits) and you were about to retire this year then that's a different matter, but even then you'd probably have the protection of the UK Pension Protection Fund (PPF) so still no reason to panic.