more than half a million expats now affected

Added 19th March 2012

More than half a million British expatriates who have retired abroad are missing out on their full pension, according to figures revealed by the UK government.

more than half a million expats now affected

The figures were published by government welfare minister Lord Freud in response to a written question from Liberal Democrat peer Lord Jones. According to the International Consortium of British Pensioners, the figures show that 555,650 pensioners are not receiving their full pension because their pensions are not increased in line with inflation as with those pensioners who remain in the UK. The issue only affects those who have moved outside of the European Union or the United States.

Tony Bockman, chair of the consortium said: “These latest figures show the shocking scale of the frozen pensions scandal. Over half a million people who have worked hard and contributed to the life and health of Britain are being discriminated against because of where they have chosen to retire.

“Our polling shows that half of 45-64 year olds would consider moving abroad, but worryingly 62% of them do not know that their pensions will be frozen if they move to one of the 120 affected countries worldwide.

“The injustice of frozen pensions grows every year as more people are affected and their pensions lose more value. It is time for the government to take real steps towards unfreezing pensions. ”

According to the consortium, the top five countries where people impacted by the “frozen pensions” live are Australia, Canada, New Zealand, South Africa, India and Pakistan.

Visitor's Comments Add your comment

Add Your Comment

We won't publish your address

About Author

International Adviser is aimed at global intermediaries who advise their HNW clients on International fund, life and banking products and tax efficient solutions to their cross-border needs

Editor's Pick

EU eyes Solvency II cut that would push up life insurance costs
EU eyes Solvency II cut...

European Union policymakers are considering whether...

Barclays and Deutsche continue non-core business sell-off
Barclays and Deutsche...

Barclays has completed the sale of its Italian retail...

PortfolioMetrix added to Aegon platform
PortfolioMetrix added...

Aegon has added a range of portfolios from discretionary...

Promoted Content