bulletEDITOR'S PICKS

 

Bond portion control – Technical briefing

From Tax & Technical Dec 17 2014 @ 05:18

A bond’s ownership structure can be adapted, futureproofing a family’s investment as their needs...
view article

EEA action group claims FSA ‘unlawfully restricted human rights’

From Products Dec 15 2014 @ 17:27

An action group for life settlement fund investors has accused the FSA of “unlawfully restricting...
view article


bulletRELATED ARTICLES

 

bulletNEWS

 

LATEST NEWS

IFAs: Support trade associations or jeopordise independence

IFAs: Support trade associations or jeopordise independenceThe last month has been one of travel. Firstly a symposium to address in Toronto...
view article

Gov't proposes FCA enforcement overhaul

From Tax & Regulation Dec 19 2014 @ 11:46

SLI global expansion set to continue into 2015

From United Kingdom Dec 19 2014 @ 11:17

MORE FROM Analysis

LATEST NEWS

Axa agrees sale of Romanian business

Axa agrees sale of Romanian businessAxa has announced the sale of its life and savings insurance operations in Romania...
view article

HK firms must fix failures in sale practices...

From Asia Dec 18 2014 @ 15:57

Rysaffe set to continue following Gov’t...

From Tax & Regulation Dec 18 2014 @ 15:46

MORE FROM Europe

LATEST NEWS

JPM AM acquires Aviva Investors Asia Pacific platform

JPM AM acquires Aviva Investors Asia Pacific platformJP Morgan Asset Management has acquired Aviva Investors’ Asia Pacific Real...
view article

Jailed IFA banned from industry

From United Kingdom Dec 18 2014 @ 11:13

Barings to debut with three Hong Kong domiciled...

From Products Dec 18 2014 @ 10:54

MORE FROM Asia



Simon Danaher

More than half a million expats now affected by ‘frozen pensions’

From Retirement Mar 19 2012 BY: Simon Danaher , Online Editor , International Adviser

Add to My News Comments (2)

Add to My News Print

Add to My News

add to twitter

add to linkedin


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.

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.
 

Add to My News Comments (2)

Add to My News Print

Add to My News

add to twitter

add to linkedin


COMMENTS


Have your say

Have your say!

Please sign in or register here to leave a comment. Registration is free and only takes a few moments.

Steve Russell

Opinion Former

Posted by Steve Russell
OPINION FORMER
on Mar 21 2012 @ 02:19


I have been reading your excellent articles for well over 2 years and I have been based in Beijing, China for 10 years.

I remember that the issue of ‘frozen old aged pensions increases’ for expiates that live outside the EU was taken to the European Courts and thrown out.

It is generally believed that as one gets older – I will be 70 this year – that ones health will usually deteriorate and therefore with need to take some medication which would normally be free when residing in the UK, however when living abroad I have to pay for this myself saving the British Government a good amount of money.

In my case I have had to purchase medication for the time I have been in China for blood pressure and heartburn which costs me over £35.00 pm.

So not only are we getting cheated out of the increases in the old age pension each year we are also saving the British Government a fortune in medical expenses – we are therefore been cheated twice for living outside the UK or Europe. – Steve from Beijing, P.R. China


John Mather

Opinion Former

Posted by John Mather
OPINION FORMER
on Mar 19 2012 @ 18:38


When will they all realise that the pension system was dysfunctional from the start. Gordon Brown taking just £500M a month from July 1997 did not help defined benefit arrangements though I do see that the MP's DB scheme survives and does not seem to be subject to the £1.5M limit. I think I will re read Animal Farm to try to understand the logic. Come back Frank Field all is forgiven





Share us on Twitter

SHARE US ON TWITTER
Join the community

Join us on Linked In

SHARE ON LINKED IN
Inform your colleagues

Switch to our mobile site

SWITCH TO MOBILE SITE
News on the go

Back tot he top of the page

BACK TO TOP OF PAGE
Just click here...