Brexit and your policy or product

You, us and Brexit

your policy

Let's talk about Brexit and your policies...

The UK officially left the EU on 31 January 2020 and entered into a transitional period. This ended with a deal agreed at the end of 2020.

Whether you live here in the UK or in an EU country, here’s a quick update when it comes to certain LV= policies:

  • Policy conditions and benefits have not changed.
  • Any existing payment arrangements will continue as agreed.
  • We’ll continue to run LV= from our offices in the UK.
  • We’ll still communicate with our members and customers in the same way as we do now.  
  • We remain a member of the Financial Services Compensation Scheme which protects consumers, wherever they live, against the failure of any UK authorised financial services business. More information can be found on the Financial Services Compensation Scheme (FSCS) website.
     
 

If you live in the UK

If you have a protection, savings or retirement policy or an equity release loan and live permanently in the UK...

We don’t believe your policy or the service you receive from us will be impacted by Brexit. 

If you have an investment with LV= it’s always important to remember that risks are involved in any investment, and values can go up as well as down. Political uncertainty can lead to market volatility and these things can affect the way investments perform. 

Speak to your financial adviser if you want to discuss any concerns. 

If you live or plan to move to an EU country

If you have a protection, savings or a retirement policy and have moved, or plan on moving to an EU country

We're very happy to continue to look after you, and any policies you have with us, if you live or plan to live in an EU country.

Our equity release loans are only available to UK resident borrowers who are occupying their property in England, Scotland or Wales.

A small number of our 1.3million members and customers live in the European Union / European Economic Area or might be thinking about doing so. 

Our policy is that if you plan to live overseas, temporarily or permanently, you should maintain a UK bank account. This is so we can exchange any money between us in Sterling. As long as this is the case, we're happy to continue to look after you and any policies you have with us.

We’re aware that some UK banks have been in touch with their customers, who live outside of the UK, about closing their accounts and credit card facilities.  

If this does affect you, you'll need to use another UK bank that can continue to provide this service for you after Brexit, either by:       

  • using an existing account you already have with another UK bank
  • transferring your account to another UK bank
  • opening a new account with a UK bank

If you pay us by Direct Debit your bank should switch your existing Direct Debits over for you automatically, but please check with them to make sure. If we're due to send you money, for example, to pay a claim, and you're changing your bank details, please get in touch to let us know your new bank details before the account you currently use is closed.

As negotiations continue with the EU, we’ll continue to monitor the situation and will be in touch with any policyholders who live in the EU if anything directly impacts their relationship with us.

Here are some questions that you might have about Brexit and your policy

How does Brexit affect my policy?

Your LV= policy conditions and benefits haven’t changed. Any existing payment arrangements you have with us will continue as agreed.

Can I keep my pension with LV= if I live, or plan to live, in an EU country?
Yes. Policy conditions and benefits haven’t changed and any existing payment arrangements you have with LV= will continue as agreed.
How can I pay my premiums if I live in the EU?
Any existing payment arrangements will continue as agreed if you live, or plan to live, in an EU country. However, if your bank or building society contacts you to let you know they’re closing your bank account, you’ll need to move your account to another UK bank that will continue to provide this service for you.
My bank is closing my UK account, can I move to an overseas bank?

If your bank has contacted you to let you know they’re closing your UK account, you’ll need to do one of the following:

  • Use an existing account you already have with another UK bank
  • Transfer your account to another UK bank
  • Open a new account with a UK bank
What do I need to do if my bank account details change?

If you pay us by Direct Debit your bank should switch your existing Direct Debits over for you automatically, but please check with them just to make sure. 

If we're due to send you money, for example, to pay a claim, and you're changing your bank details, please get in touch to let us know your new bank details as soon as possible.

Can I still use my UK address for correspondence?
Yes. You can continue to use your UK address for correspondence if this is your preference.
Will I still be protected and eligible to compensation from the Financial Services Compensation Scheme (FSCS) if I live, or plan to live, in an EU country?
Yes, you would still be protected. The FSCS protects customers against the failure of UK authorised financial services firms, like LV=, for any relevant products that were purchased in the UK. This means any customer now living in a country outside of the UK, including all EU countries, would still be protected.

Further information

For queries or more information...

You can check out the Government website which provides information for people and businesses.

If you want to talk to us about your policy then please call your usual servicing line on 0800 0223 833 or +441202559767 from abroad and we’ll direct you to the right team.

Lines are open 8.30am to 6.30pm Monday to Friday. For TextDirect first dial: 18001.

We record and/or monitor calls for training and audit purposes.