39% increase in UK Pension Deficit – £170.6 Billion Shortfall in Britain’s Private Sector Pensions #ReasonsForQROPS #ProtectYourUKPension #UKPensionTransfers #IN #ExpatsPensions
09 Tuesday Sep 2014
Today the UK Pension Protection Fund (PPF) released a report detailing the shortfall in Britain’s private sector pension plans rose to an estimated 170.6 billion pounds ($274.5 billion) at the end of August 2014. This figure was up 39% from from 122.7 billion pounds a month earlier, new data from showed on Tuesday.
The total assets of 6,150 schemes tracked by PPF index were 1.2 trillion pounds, while liabilities stood at 1.38 trillion pounds. 4,601 schemes were in deficit, the watchdog said in a statement.
The PPF was created in 2005 to take over the assets and liabilities of UK-based defined benefit pension schemes if an employer goes bust. ($1 = 0.6215 British Pounds)
Expats Pensions Comment:
With the increasing deficit of UK schemes, many people are moving oversea and taking their pension fund with them. There are currently significant advantages for clients that are living or considering moving overseas to consider transferring their UK Pension to a Qualified Recognised Overseas Scheme (QROPS).
Defined Benefit Scheme transfers out, in additiona to transfers out of UK Government Schemes are likely to be blocked from April 2015, therefore there is a small window available for anyone considering this.
For a free pension consultation and report on your scheme from our experts, please see our website www.expatspensions.com