The South Yorkshire Police and Crime Commissioner who allegedly arranged the Rotherham child abuse cover-up has resigned, but only on the condition that he keeps his public sector pension.
Shaun Wright has ensured that his five star gold plated retirement plan will remain intact, despite him essentially being forced to resign in light of his supposed misdemeanors, which essentially allowed a prolonged period of abuse, rape and trafficking of over 1,400 children pass without a single intervention.
The decision to let the abuse continue for 16 years was taken for fear of upsetting the Pakistani community of Rotherham – the perpetrators were all from this close-knit unit.
Top-end Pensions Untouched
The public sector pension pot has been ravaged by austerity measures, and the fact that Wright, as well as other staff who turned a blind eye to the devastating organised crime arrangement will all keep their pensions will come as a real kick in the teeth to other Police pension holders, who now face up to the reality of having to work for longer, contribute more, and take less than they were initially promised.
The deficit which the public sector finds itself in is of real concern to the Treasury, and analysts agree that there is no easy way out of it.
Public Sector Pensions Locked In
One measure set to be introduced in April 2015 is that all public sector schemes will be locked into the UK market permanently to prevent any more capital leaving. This will come as a huge blow to expatriates around the world as they see their retirement funds depleted, left wide open to the fluctuations of currency exchange rates, and left in a pension market for which the role changes are so frequent it is almost impossible to keep up.
For those with a UK Police pension, there is still an opportunity to transfer into an overseas scheme. A QROPS offers the opportunity for stability, a clear vision of retirement, and savings placed in a fund with no deficit, but there is only seven months remaining before the door closes for the public sector.
As a result, QROPS providers are reporting huge uplift in enquiries from expats across the globe, keen to assess their options before they are locked into a UK-based fund and a retirement shrouded in uncertainty.
For more information on QROPS, download the free iExpats QROPS guide or complete the Get Advice form.
