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Blogs & News

Stay informed to keep ahead

Expat financial planning blogs & news

Our blog site is designed exclusively to inform on issues that relate to and impact expatriates around the globe.We cover a wealth of topics that include insurances - pensions - investments - estate planning and tax - all designed to keep you informed and up to date.

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Unclaimed UK Pensions & Tracing Service

Pension scheme members are missing out on GBP20bn of unclaimed pension pots

It has been revealed that the UK has £20 billion in unclaimed pensions, research from the independent PPI has revealed, adding pressure on the government to act over the "pensions dashboard".

The PPI surveyed half of firms in the private defined contribution (DC) pension market, looking at 12 large insurers, and found 800,000 lost pensions worth around £9.7 billion.

Using this research on half the market, the PPI estimated there are 1.6 million lost, or unclaimed, pots in the UK today worth £19.4 billion.

BBC to pay GBP 340m to fund pension scheme

BBC agree to new payment plan to try and bridge pension deficits

The BBC will make annual contributions until 2028 to reverse the current £1.8bn deficit of its defined benefit pension scheme.

The television network as agreed to a new repayment plan, which will imply paying £2.37bn over the next 11 years.

Next year alone, BBC will pay £340m, according to the company’s annual report.

The new repayment plan is the result of a triennial actuarial valuation, completed in June 2017.

MP's probe universities' GBP 12.6bn pension deficit

UK university pension deficits more than double since 2014

The deficit of the pension scheme funding the retirements of UK university staff has more than doubled in three years, and now a prominent MP is asking why.

The Universities Superannuation Scheme (USS) provides pensions for academics and has 390,000 members across 350 universities in the UK.

The annual accounts of the USS, showed the pension fund’s deficit had widened from £5.3bn in 2014, to £12.6bn this year. This is the largest recorded deficit of any UK retirement fund.

Gay man wins landmark pension case in UK court

Gay man wins equal pension rights in landmark UK court case

The UK Supreme Court has ruled that same-sex couples have the same rights to pension death benefits as heterosexual couples in a landmark case involving a final salary scheme.

On Wednesday, John Walker won his long-running legal battle to allow his husband to inherit the same percentage of his defined benefit (DB) pension that a female partner would be entitled to.

Under existing rules, occupational pension schemes pay out 50% of the value of a pension to a spouse for the rest of their lives after their husband or wife dies - without taking the marriage date into account.

However, an exemption in the 2010 Equality Act allows companies to limit pension benefits for surviving same sex spouses, to benefits accrued since 2005, when the Civil Partnership Act came in.

This means that companies do not have to pay out the full pension benefits to a civil partner in a same sex marriage on pensions built up before 2005.

BWW Workers Accept Detrimental Pension Benefit Changes

BMW workers accept revised pension deal - will more such defined benefit schemes follow suite ?

Workers at BMW, who make the iconic Mini and Rolls-Royce motor cars, have accepted a revised offer over the closure of their final salary scheme.

The vote brings to an end a long-running dispute that brought Mini and Rolls Royce motor car production lines to a halt in a series of walkouts.

The revised offer sees the closure of the final salary pension scheme and workers moved into a defined contribution pension scheme

1000 Final Salary Pension Schemes Face Going Bust

Final salary pension scheme deficits become increasingly worrisome

A new report highlighted in a recent FT article from the Pensions Institute, part of Cass Business School, has shown up to 1,000 defined benefit schemes are at ‘serious’ risk of falling into the Pension Protection Fund.

The report, ‘The Greatest Good for the Greatest Number’, predicts that the businesses of hundreds of employers will become insolvent well before the end of their recovery plans, under which the trustees and sponsor agree contributions to make good the deficit over an agreed number of years.

It shows that on insolvency, these schemes may have insufficient funds to pay members’ pensions in full.

GBP 5 bn Pension Hole At Tesco After Worst Year In History

Tesco to close 43 stores and scrap 49 developments

GBP 5 bn Pension Hole At Tesco After Worst Year In History

TESCO has revealed a ballooning pension deficit as property write-downs and changing business practices push it into the biggest loss in its history.

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