Retiring Abroad Can Affect Your Pension
September 16th, 2011
In a recent article in the Telegraph, they point out the potential affects that moving abroad can have on pensions. The UK daily newspaper highlights that a huge number of Britons are retiring to Spain and other countries, without thinking about how it might affect there pensions.
The article quotes figures from pension company Standard Life, based on 3000 overseas bank accounts, that shows that the top retirement country for Brits is Spain, followed by Australia, USA, France and Ireland .
One advantage for those retiring to Spain is that it falls within the EU and therefore there is a reciprocal agreement reciprocal agreement with the UK, in many other countries the state pension will be frozen at the rate it was when you retired abroad. However, Spain’s reciprocal agreement means that pensioners will receive the same increases if they had stayed in the UK.
The article also reminds anyone seeking to move abroad that is in receipt of benefits to check whether they will still be paid if they move overseas. Some benefits are not paid one a pensioners moves outside the UK, while others can only be received when remaining within the EU.
You can read the full article now on the Telegraph website.
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