British expats are being urged to sign a petition that calls for the UK Government’s frozen pension policy to be brought to an end.
The appeal has been issued by the International Consortium of British Pensioners who created the petition on the Government’s e-petitions website last year, if it gains at least 100,000 signatures by September 8 then will become eligible for discussion in the House of Commons.
However, there are currently less than 15,000 signatures on the petition – despite the fact there are estimated to be around 500,000 expatriate pensioners affected by the policy around the world.
As a result of the policy, expats in Europe, the US and a number of other nations receive the same annual cost-of-living increases as their UK, but those living in other countries have their pensions frozen as soon as they receive them overseas.
Tony Bockman, chairman of the ICBP, said: “It's time to ask all overseas recipients of the British state pension to understand that if we are ever going to get the Government to pay attention to the frozen pensions issue, then everyone needs to get involved. That's not just the current 550,000 plus pensioners overseas whose pensions are already frozen, but all of you who are not yet of pensionable age but might qualify for a state pension later on. I know there is no guarantee that our case will be debated in the House of Commons when we reach 100,000 signatures, but there is every guarantee that it certainly will not be debated if we don't participate. So get involved and get all of your friends and relatives in the UK involved too.”
Expat pensioners around the world should know that there are ways of escaping the frozen pensions policy, such as the QROPS pension transfer. Speak to a recommended financial adviser for more information.