In a recent article from the Mirror it was reported that almost 500,000 British expats have missed out on upto £110,000 in state pension payments due to a policy called the Frozen Pensions Policy.

Broken down this policy mean that British citizens who live overseas in countries like Canada, Australia, South Africa, New Zealand, Pakistan, Bangladesh, Africa, and many Caribbean Islands, have their state pension frozen at the amount they were being paid when the had left the UK.  If they would have remained in the UK then their state pension would have gone up year by year.

For example a British person who retired to a country like Canada in November 1980 would have lost out on £110,995 in state pension payments overtime (from research by the CABP (Canadian Alliance of British Pensioners)).  Their state pension would be frozen at £27.15 a week, rather than the £141.85 it would be if they stayed in the UK.

As a continuation from above, for a British expat retiring in April 1990 they would have lost out on £72,894 in state pension payments.  A British expat retiring in April 2000 would lose out on £42,461 in state pension, and finally anyone who retired overseas last April would be receiving £221 less than they would have if they remained in the UK this year.

“This is outrageously cruel policy is excluding pensioners, many of whom spent their working lives in the UK, and leaving them to face poverty”, said International Consortium of British Pensioners chairman John Duffy.

Over the last 20 years state pensioners have mounted five legal challenges over the issue.

Alongside state pensions many people have private pensions, some of which they may have transferred into a SIPP (self-invested personal pension) or transferred out of their Final Salary Pension (Defined Benefit Pension), meaning thousands of pounds may have been lost through these schemes.  Here at Reclaim My Money we can help to investigate the claim on your behalf and help you to get back the compensation you deserve and win back the stable retirement you deserve.

Speak to our advisors today and find out much you could be owed.

Contact our team on 0161 504 0848 or enquiries@reclaimmymoney.co.uk