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Over 500k expats hit by frozen pensions
| Published: | 22 Mar at 6 PM |
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Tagged: Australia, UK, South Africa, New Zealand, Canada, Citizenship, India, Emigration, Pension Transfer, England
As reported by International Advisor, over 500,000 British expats who have retired overseas are not receiving their full pensions, say figures released by the UK government. The report was published by Lord Freud, government welfare minister, in response to Liberal Democrat peer Lord Jones.
The figures indicate that 555,650 pensioners are missing out on their full pensions since the funds are not increased in accordance to inflation as with the pensioners who stay in the UK, reports the International Consortium of British Pensioners. This issue only affects expats who have emigrated out of the EU or the US.
Tony Bockman, who chairs the consortium said the latest figures reveal the “shocking scale” of the frozen pensions issue. Over 500,000 citizens who have worked hard to contribute to the health of the UK are heavily being discriminated against due to their choice to retire, he added.
Half of those aged 45-64 would consider retiring abroad, show polls. However, 62 percent do not realise that their pensions would be frozen if they emigrate to a place amongst the 120 affected nations worldwide.
It is time for the UK to take effective steps towards unfreezing retirees’ pensions, said Bockman. The “injustice of frozen pensions” increases each year as more expats are affected and watch their pensions lose value, added.
The top five nations where people affected by the “frozen pensions” reside are Australia, Canada, South Africa, New Zealand, India and Pakistan, revealed the consortium.
The figures indicate that 555,650 pensioners are missing out on their full pensions since the funds are not increased in accordance to inflation as with the pensioners who stay in the UK, reports the International Consortium of British Pensioners. This issue only affects expats who have emigrated out of the EU or the US.
Tony Bockman, who chairs the consortium said the latest figures reveal the “shocking scale” of the frozen pensions issue. Over 500,000 citizens who have worked hard to contribute to the health of the UK are heavily being discriminated against due to their choice to retire, he added.
Half of those aged 45-64 would consider retiring abroad, show polls. However, 62 percent do not realise that their pensions would be frozen if they emigrate to a place amongst the 120 affected nations worldwide.
It is time for the UK to take effective steps towards unfreezing retirees’ pensions, said Bockman. The “injustice of frozen pensions” increases each year as more expats are affected and watch their pensions lose value, added.
The top five nations where people affected by the “frozen pensions” reside are Australia, Canada, South Africa, New Zealand, India and Pakistan, revealed the consortium.
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