- Thursday, 12 July 2012
Stark new warnings about what needs to be done to plug the UK’s deepening pensions crisis will prompt yet more retirees to move themselves and their pensions out of rain-soaked Britain and off to sunnier climes, says the boss of the world’s largest independent financial advisory firm.
Nigel Green, chief executive of the deVere Group, comments: “With the influential MP Nick Boles, who is a close ally of David Cameron, risking ‘political suicide’ by suggesting that it might be necessary to stop free bus passes, free TV licences and winter fuel allowances for some British pensioners, politicians are hinting that further pension-dwindling measures could be on the way.
“If these benefits were scrapped, there would be even fewer incentives to hold pensions in the UK. Subsequently, we would fully expect an increasing number of retirees to consider moving out of Britain to countries where they will be taxed less, where they can protect the money they have been prudently putting away all their lives in an HMRC-approved QROPS, and where they can enjoy their retirement in the sunshine.”
Mr Green adds: “After George Osborne’s ‘granny tax’ budget in March we saw a significant jump in the numbers of people seeking to safeguard and maximise their retirement funds by moving themselves and their pension pots out of the UK.
“And if the suggestions made my Mr Boles were heeded, there can be no doubt that more people than ever would be looking to do the same.”
Grans support means testing of pensioner benefits - 15 November 2013
New Benefits Calculator launched to help people in financial need - 15 October 2013
low state pension - 29 July 2013
Baby Boomers - 25 July 2013