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Hague states no hope for UK expat pension increases
| Published: | 19 Jan at 6 PM |
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Tagged: USA, Australia, UK, South Africa, New Zealand, Canada, Switzerland, Pension Transfer, England
During his recent visit to Australia, British Foreign Minister William Hague made it clear that expat retirees living in OZ would not receive annual increases to their state pensions.
Speaking in Sydney, Hague dashed the hopes of around 250,000 UK retirees who had their pensions frozen when they left the UK and are now facing financial difficulties. Hague stated that the UK was undergoing economic problems preventing the government form considering any changes in the expat pension policy.
Referring to the budget deficit inherited from the previous Labour government as a reason, the minister said commitment to a major new expenditure was out of the question. Estimates of the cost of increasing the pensions of UK retirees based in New Zealand, Australia, South Africa and Canada run to around £337 million, less than one per cent of the current pension pot, according to the International Consortium of British Pensioners.
Expat retirees in Australia point to the fully index-linked pensions of those living in EU countries, the Philippines, Israel and the USA as well as Switzerland, a retirement haven for the wealthy. The Australian government has also been pressing for change, as it is being forced to provide assistance for long-stay pensioners receiving less than £30.00 a week.
Speaking in Sydney, Hague dashed the hopes of around 250,000 UK retirees who had their pensions frozen when they left the UK and are now facing financial difficulties. Hague stated that the UK was undergoing economic problems preventing the government form considering any changes in the expat pension policy.
Referring to the budget deficit inherited from the previous Labour government as a reason, the minister said commitment to a major new expenditure was out of the question. Estimates of the cost of increasing the pensions of UK retirees based in New Zealand, Australia, South Africa and Canada run to around £337 million, less than one per cent of the current pension pot, according to the International Consortium of British Pensioners.
Expat retirees in Australia point to the fully index-linked pensions of those living in EU countries, the Philippines, Israel and the USA as well as Switzerland, a retirement haven for the wealthy. The Australian government has also been pressing for change, as it is being forced to provide assistance for long-stay pensioners receiving less than £30.00 a week.
Comments » There is 1 comment
Roy Jackson wrote 11
years ago:
they say in the ruling at the european court onpension increase that we dont contribute anything to the uk in tax?if thats the case why am i paying nearly a thousand pound a year in tax? i retired to thailand 8years ago and ive paid tax ever since? the pension increases on average 200-250 a year which is a quarter of what i pay in taxes to the uk goverment.even if i got it i would pay 20%of it in tax,so to me they are lying through their teeth
