Retirement news
Overseas retirement hotspots revealed
14 August, 2007
Over one in 10 British pensioners would most like to live in New Zealand, according to the latest research.
Bank of Scotland International also revealed that Australia, Canada, France and Spain are also at the top of the retirement hotspot list.
According to the Department for Work and Pensions, one million Britons receive their pension abroad. In addition, the Institute for Public Policy research expects that more than 3.3 million British pensioners will join the silver flight by 2050.
British pensioners receiving their state pension within EU countries such as France and Spain will continue to see their pension increase in line with inflation. However, this is not the case for those people who retire to countries such as Australia, Canada and New Zealand.
Tony Wilcox, managing director of Bank of Scotland International, said: “When retiring abroad it is important to have looked into your pension arrangements and to have adequate financial planning in place.”
Take into consideration:
Pension payments – set up an account which allows you to receive your pension whilst also facilitating international banking.
Additional pension benefits – any pension benefits that you receive in the UK may be affected by your move abroad.
Contact the relevant Government Departments – it is essential to contact your Social Security Office, the DWP and the National Insurance Contributions Office so that they know you are moving abroad and you continue to receive your pension.
Look into your tax status – you need to understand your tax status and how much tax you will pay on your income.
Evaluate the currency risk – you should consider the currency risk when living abroad whilst drawing a pension in Pounds Sterling.
Bookmark with:
