The UK’s teachers face a future shrouded in uncertainty as they witness continued austerity measures aimed at pulling the public sector pension fund out of the black hole in which it resides.
While teachers perform one of the most important roles in society, helping to mould future generations, the rewards for such an integral job are slowly being diminished. Long hours, pay cuts, poor staffing levels and equipment budget constraints aside, teachers are also facing benefit reductions on pensions, as well as the prospect of having to work for longer.
As of April 2015, the opportunity to transfer existing public sector pensions into a more beneficial scheme will no longer be permitted. This means that regardless of where you decide to retire, or when you hope to retire, you will have no control over your pension.
Due to the pension deficit, the Government will continue to reduce annual payments in an attempt to try and recoup some of the shortfall, however as more people reach retirement age each year, trying to pull back the fund from the brink seems like a thankless task.
For teachers now residing abroad with a UK-based pension, there is still a chance to transfer into a more beneficial overseas plan before the door is shut forever.
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.