Britain’s civil servants are urgently seeking advice on transferring their pensions out of the UK after UK Chancellor George Osborne launched an explosive budget 2014 bombshell on the industry.
According to the boss of, one of the world’s largest financial advisory firms, deVere Group has received a 20% surge in British civil servants looking to transfer their pensions out of the country after Osborne proposed to ban the activity later this year.
“Public sector workers will no longer be able to transfer their civil service pension schemes. The reason for this, it can be reasonably assumed, is that these schemes are alarmingly underfunded and the Treasury is concerned that it will burden with the debts,” said Nigel Green, the founder and chief executive of deVere Group.
“Whilst it is, in many respects, understandable that the government has taken this decision it is, of course, extremely worrying for the pension savers within schemes that are so enormously underfunded through no fault of their own.