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After issuing a profit warning last year, the task of managing a debt of £1.5bn which included a whopping £600m pension deficit became even harder. Carillion’s situation isn’t unique, in fact many other large companies who offered ‘gold plated’ final salary pension schemes have hit the headlines in recent years.
The collapse of retailer BHS, although not solely caused by the £571 million pension black hole on its balance sheet, shone the spotlight on other large firms with final salary pension schemes. Faced with a £2.8 billion deficit, British Airways announced it will close its final salary scheme this year.
Other companies known to have large deficits include Royal Dutch Shell, BP, BT and BAE Systems; with all four believed to have a deficit in excess of £6 billion in 2016.
As a UK national living overseas, failing to act now could see your retirement dreams slip through your hands.
We have compiled a comprehensive FREE e-guide which details how expats like you can still achieve and safeguard your desired retirement goals.
Many companies are struggling to balance their pension liabilities
There are many reasons why a final salary transfer should be considered. However, such an important decision should never be taken without receiving sound advice that considers all options and eventualities.
Research shows that taking regular advice from a professional financial adviser can result in a 53% increase in retirement income compared to those who sought no financial advice
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