What you need to know about your UK expat pension
As many people who are planning the expat move are aware, if you are in receipt of a British pension then the yearly increase enjoyed by British residents are only applicable to expats that have moved to another country in the EEA (European Economic Area) or who are in one of 15 special countries.
What this means is, if you are one of the many expats who emigrate to countries such as Australia and New Zealand you won’t receive any pension increases. The pension you receive today will be the same next year and the year after that and the year after that. In real terms your pension amount will decrease because it won’t be even be increasing with inflation.
A recent appeal was denied by The European Court of Human Rights and this disparity now affects over 500,000 pensioners throughout the world.
If you are planning a move abroad and will be relying on government pensions to help fund your way then this an important consideration and in these troubled times can be make or break for many people.
For more information on the countries involved and also the appeal for consistent treatment, The International Consortium of British Pensioners have a very useful website will all the facts.
Has this affected your expat life or the decisions you have made about where you are going to live? Are you from another country with similar issues? Please let us know.