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Brexit uncertainty puts Brits off retiring abroad

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Brits are less likely to move abroad in retirement following the shock Brexit result, research reveals.

Two thirds of UK adults say the referendum outcome has made it less likely they will move overseas when they retire, with the figure jumping to 84% among the over 55s, according to the survey by Retirement Advantage.

However, some Brits appear undeterred by the Brexit decision, with 38% saying the result has meant they are more likely to move when they retire.

“Our decision to leave the EU has split opinion, but the political and economic uncertainty post Brexit is making people nervous,” said Andrew Tully, pension technical director at Retirement Advantage.

“This could simply be down to the unknown, as we clearly don’t know longer term how Brexit will affect UK citizens already living overseas. But we do know the immediate fall in sterling against the dollar and euro has made it more expensive to live abroad if you are converting an income from the pound.”

Under current rules, if you retire to live in an EU country, your UK state pension is protected by ‘reciprocal arrangements’ which mean you’ll get any increases in line with retirees living in the UK.

“When we exit the EU these arrangements will form part of the negotiations, and we don’t know how they will be treated,” said Tully.

In terms of top European retirement hotspots, Spain was the most popular destination followed by France and Italy, the survey found.

Outside Europe, America leads the charts followed by Australia, New Zealand, the Far East and Canada.

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