Britons told to take care with pensions abroad

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Financial Services > Pensions > News

Britons told to take care with pensions abroad

Mon, 02 Apr 2007

British retirees who have decided to relocate abroad are being urged to ensure that their pensions are in check, amid concerns that many people could be missing out on pension payments.

Experts at Bank of Scotland are reminding pensioners that pension benefits automatically received in the UK could be affected by a move abroad. In addition, a British expatriate is only allowed to collect a state pension abroad if they have paid the necessary National Insurance contributions over the years.

In light of these requirements Brits are being advised to make sure their pensions are in order before relocating abroad. Other important factors include tax status and potential currency risks arising from withdrawing sterling abroad.

"Moving abroad is a very exciting time, but it is important to have adequate financial planning in place," commented Tony Wilcox, managing director of Bank of Scotland International.

"Ensuring that you have made arrangements regarding your pension before leaving the UK can avoid a considerable amount of hassle at a later date."

Recent research from Self-Catering-Breaks.com found that nearly half of all second home owners are hoping to use their foreign property to help fund their retirement.

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