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17 August 2007

31% of pensioners consider moving abroad

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by Kay Mitchell

31% of pensioners consider moving abroad

The Bank of Scotland International has established that 31% of pensioners have considered moving abroad. However, a spokesperson for the bank warned that when retiring abroad, it is essential to look into your pension arrangements and have sufficient financial planning in place.

The bank highlighted that the top 3 preferred destinations were New Zealand, Australia and Canada.

According to the Department for Work and Pensions, 1 million pensioners already draw their pension abroad. 245,000 receive their pension in Australia, 157,000 in Canada and a further 132,000 in the USA.

In addition, the Institute for Public Policy Research expects that an extra 3.5 million pensioners could be living abroad by 2050.

The bank warned that many steps must be taken before planning a move abroad, one being having an account which allows you to receive your pension while simultaneously facilitating international banking.

Contacting the Departments for Work and Pensions, National Insurance Contributions Office and Social Security Office to ensure they continue to pay your pension while you are abroad is essential.

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