You are here: Home - Retirement - Retirement planning - News -

Brexit uncertainty puts Brits off retiring abroad

Written by:
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.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Insurance Experts: Are you fully insured? Click here to get a quote.

For a free quote or to speak with an insurance expert call 0800 1218744

Major tax blow for beneficiaries of pension transfers

Beneficiaries of pension transfers made while the holder was in poor health could be hit with shock 40% inheri...

Inflation dip means pensioners to get an extra £221

The state pension will go up by £221 a year from April 2019 after inflation unexpectedly fell in September.

Should you go private rather than make an insurance claim?

If you’ve experienced a minor bump with another driver, you may be tempted to settle the costs privately witho...

Ryanair jetting towards US flights for £10

Ryanair is on course to achieve its long-held ambition of offering transatlantic flights to the US – and the...

Investing in car parks: a good vehicle for income seekers?

As the search for income continues, many investors are turning to alternatives, with car parks becoming increa...

A quick guide to guarantor loans – in association with Guarantor Loan Comparison

Considering a guarantor loan or becoming a guarantor yourself? Read our essential guide...

Results round-up: Companies to watch this week

Mulberry and more will face the music this week.

Product launches of the week

Select Property Group, Schroders, Leeds Building Society and more have exciting news this week. Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
Flight delays: are you due compensation?

More than 40 million air passenger journeys were delayed in the year to March 2016, according to Which? Here, we...