As a result of Brexit, we understand that some UK banks have closed accounts for people living in the EU and the European Economic Area (“EEA”). The passporting arrangements that were in place allowed UK banks to operate in other countries in the EEA without having to get direct authorisation. Because the passporting arrangements are no longer available, some UK banks are not able to offer their services in certain countries after 31st December 2020.
Who is affected?
Members who live in the EU and have their pension from The M&S Pension Scheme paid into a United Kingdom (“UK”) bank account may be affected by this.
What action should be taken?
While not all UK banks operating in the EU and EEA have been impacted, if you do reside overseas and your UK bank account has closed, and you have not yet informed us of your new bank account details, you will need to complete a Method of Payment Form and return it to us by 19th January 2021.
Please also provide a document which contains your name, address and updated bank details. This could be a bank statement, but it must be dated within the past three months. You can email the above to mandspensions@capita.com or post it to: The M&S Pension Scheme, PO Box 555, Stead House, Darlington, DL1 9YT, United Kingdom.
Please be aware that if your form is incorrectly or partially completed, or if you do not provide a document that verifies your identity, we may be unable to update your details before the next payroll cut-off date. This means your next M&S pension payment may be rejected and returned to us by the bank.
It is your responsibility to inform us of any changes to your bank account details. Failure to do so may result in your pension being suspended.