Well the simple answer is that you will not loose any privileges. You will gain by not having UK restrictions the two main ones being the terretorial restriction and the weather limitations imposed by the CAA.
I should have made it clearer that I was referring to the priveledges of the old UK PPL A. Loosing present priviledges such as IMC, lifetime licence, attached SLMG ect would be quite a loss ... but softened if we get things like PPL FIR, and VFR on top as enjoyed by many other Europeans. I know the thread was aimed at NPPL so I drifted a bit.
IO540 .... Point taken!