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Plea to phase out frozen pensions
| Published: | 9 May at 6 PM |
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As reported by the Telegraph, the UK Government has been urged by the International Consortium of British Pensioners (ICBP) to abolish the country’s frozen pensions policy through yearly stages, first by defrosting those of expats who are aged 85 or older.
The ICBP consists of over 555,000 expatriates who get punished by Britain’s time-honoured policy of not giving out yearly cost-of-living raises to National Insurance Fund pensioners retiring to more than 100 nations (mostly former Commonwealth and Commonwealth countries). However, the policy does not negatively affect pensioners retiring to EU countries and certain other non-Commonwealth nations.
Frozen pensioners in the 85-and-over age cohort are seen as the least wealthy of all the expatriate retirees. Many left 20 years ago when they reached retirement age, in accordance with this frozen pensions rule, they have not seen a pay increase since then. It was twenty years ago that the basic UK pension was at £54.45 per week. However, it is now at £107.45.
The pensioners' consortium says that the British Government is genuinely considering a parity phase-in. Canada-based John Markham, who is an ICBP spokesman, says that in a recent meeting with a top UK cabinet minister, he said that it could cost a relatively modest £100 million per year to give immediate parity for frozen pensioners in this age group.
The ICBP consists of over 555,000 expatriates who get punished by Britain’s time-honoured policy of not giving out yearly cost-of-living raises to National Insurance Fund pensioners retiring to more than 100 nations (mostly former Commonwealth and Commonwealth countries). However, the policy does not negatively affect pensioners retiring to EU countries and certain other non-Commonwealth nations.
Frozen pensioners in the 85-and-over age cohort are seen as the least wealthy of all the expatriate retirees. Many left 20 years ago when they reached retirement age, in accordance with this frozen pensions rule, they have not seen a pay increase since then. It was twenty years ago that the basic UK pension was at £54.45 per week. However, it is now at £107.45.
The pensioners' consortium says that the British Government is genuinely considering a parity phase-in. Canada-based John Markham, who is an ICBP spokesman, says that in a recent meeting with a top UK cabinet minister, he said that it could cost a relatively modest £100 million per year to give immediate parity for frozen pensioners in this age group.
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