The number of pension transfers to qualifying recognised overseas pension schemes (QROPS) during 2012 was up 35% at deVere Group.
The firm said the uptick in transfers was partly down to government and Bank of England policies which are ‘constantly changing' and ‘plundering pension pots'.
Nigel Green, chief executive, said: "More and more Britons who can move their pensions into a QROPS - in general terms that's those with a British pension and who have left the UK or are planning to - are doing so. Our QROPS business is up more than a third over a 12 month period.
"We attribute this significant increase to the mounting public perception that the government, which people believe is constantly changing the rules on pensions, cannot be trusted with them.
"As such, increasingly our British expat - or soon-to-be expat - clients tell us that they want to move the money that they have prudently put aside for their retirement out of the UK in order to safeguard it from the government which is quietly and not-so-quietly plundering pension pots in the form of scrapping age-related benefits, and with the plans to cut pension tax-breaks and the tax-free allowance, among other things."
He said the public was becoming more weary of future potential pension ‘tax grabs' and the role of quantitative easing (QE) was also playing a part.
"Another major factor in the rising popularity of QROPS is the Bank of England's QE programme which has permanently damaged the retirement income for millions of pensioners by helping to push annuities, which give retirees an income for life, to record lows. A QROPS does not force you to buy an annuity.
"With it being revealed this week that Sir Mervyn King, the outgoing governor of the BoE, is in favour of extending QE, it is likely that we will see a further jump in the numbers of people considering moving their retirement funds out of the UK.
"In addition, as the pound looks increasingly weak - it's at its lowest against the dollar since last summer and at its lowest against the euro for more than 12 months - QROPS are likely to be seen as an increasingly attractive prospect because they can pay out in a currency other than sterling."
First mentioned in Cridland Report
Second acquisition of 2019
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