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UK Pension Transfers
December 2, 2020

Phasing Out Of RPI To Affect Thousands Of Defined Benefit Pension Schemes

Having left the UK behind in search of higher earnings and a greater way of life it’s easy to assume you’re sitting pretty right now.

This years’ spending review by the UK Chancellor Rishi Sunak confirmed the eye-watering levels of debt the Treasury has taken on as a result of COVID-19.

The biggest news in terms of pensions was actually omitted from the chancellor’s speech. However, we have delved into the detail to uncover the changes planned for how pension payments are calculated, which when they are introduced in 2030, could see retirement income dropping by 4-5% for those worst affected.

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In a nutshell, the retail price index (RPI) that is currently used to measure inflation is to be phased out in favour of the consumer prices index plus the cost of housing (CPIH).  will have a significant impact on traditional defined benefit pension schemes.

With CPIH usually about 0.8 percentage points lower than RPI, those with a Defined Benefit pension could see their pension income drop significantly from what they expected.

In-spite of all the uncertainty, a number of factors could make this the best time to transfer your pension into another scheme.

BUT IS IT REALLY THE RIGHT CHOICE FOR YOU?

Download your complete guide to UK final salary pensions

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Download your complete guide to UK final salary pensions NOW to FIND OUT:

  • Why cash equivalent transfer values (CETV) are so high
  • How to gain control over how and when you access your pension
  • The purpose of the Pension Protection Fund (PPF)
  • How you could pass on more of your wealth to your family
  • What the QROPS bombshell means for you
  • What is meant by a Self-Invested Private Pension (SIPP)
  • If you could be better staying in your DB Pension scheme?

At Skybound we know that making a decision on which solution is right for you can be daunting, which is why the guide will also help you answer the questions most British internationals are asking.

Download your complete guide to UK final salary pensions

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Expats just like you

Not only are Skybound's team of advisers regulated, highly competent and friendly, they are also expats just like you. They have first-hand knowledge of the local and international hurdles that you need to overcome, in order to make the most of your international expat status.

Our team has worked with some of the UK’s top talent working in America at companies such as Nike, Google and Amazon, to name but a few.

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