Civil servants perform under immense pressure with demanding Government targets and a surge of recent cut-backs to contend with. One area which it was hoped would be spared the cut-backs, was the pension fund.
Unfortunately, this has not been the case, as money has been taken from the civil service pension pot to try and help plug the gaps left elsewhere in the public sector. This has created an alarming deficit which has meant that benefits will face further reductions moving forward.
The age at which the pension will be made available also looks set to be moved back, and as of April 2015, no alternative options will be allowed to be considered.
Public Sector pensions are set to be locked into the deficit-laden UK for good, and for those who no longer live in the UK but have a public sector pension there, the time to consider their options must be now.
A QROPS provides an array of benefits which could never be matched by the UK pension market, a market widely viewed to be on its knees.