British people working in other parts of the European Union lose over £300m from their pensions ever...
British people working in other parts of the European Union lose over £300m from their pensions every year, Mazars deems, as they are currently banned from making the same level of contributions to their pension schemes as people living in the UK.
Also adding to the cost is the fact that contributions made outside the UK may not be fully tax-deductible.
In a bid to improve the conditions for the over 50,000 British people currently working in Europe, the international accountants and business advisers - Mazars - is today urging the member states of the Union to change their rules on cross-border pension funds.
While a recent case in the European Court of Justice is pointing towards a recognition of pension funds across borders, Mazars says the single market in pensions is far from complete.
According to Mazars, the European Union should be aiming at:
Rodney Taylor, tax director at Mazars says it is "intolerable" that Brits who spend parts of their careers in other parts of EU are losing out on their pensions.
"They should not be penalised in this way, but encouraged to make adequate provision for their retirement. The ECJ is heralding the way to a single market for funded pensions and member states should fall into line as soon as possible."
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