Pension Breather For British Expats
The UK Government has clearly declared changes in the UK pension legislation late last year, in which many are anticipating that it will no longer be a requirement to purchase an annuity at age 75 effective April 6, 2011.
As a result, individuals have better flexibility in mapping out their income and managing their finances once they plan to retire.
“The changes announced by the UK Government do have implications for British expats or individuals of other nationalities living in the region that have accumulated pension benefits in the UK and therefore it is important to review UK pension benefits in light of these changes to UK pension legislation.”
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Saving for Retirement
Many people choose to retire when they are eligible for private or public pension benefits, although some are forced to retire due to physical inabilities.
But as we we enjoy life in our youth, are we making the right decisions for the future? It seems that very few people actually save for fulfilling twilight years.
“More than half of the over 55s who earn between £20,000 and £30,000 a year have saved less than £30,000 for their retirement, which would give them around £165 a month to live on, according to research from insurance giant Aviva.
Clive Bolton, the ‘at retirement’ director for Aviva, said: ‘Babyboomers have enjoyed rising house prices and final salary pension schemes, but unfortunately many may still struggle to fund the retirement lifestyle they desire. People should think about how they want to spend their days, and how much this will cost.
This research also opens up an interesting debate around who should fund retirement. There may be an expectation for younger generations to foot the bill in one way or another.’”
Read More From The Telegraph
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UK Expats Lose Pension Appeal
With the appeal rejected by the European Court of Human Rights, expat pensioners who moved to countries without reciprocal agreement might have to wait longer to have their pension augmented. “The expatriate pensioners say they have been fighting ‘tooth and nail’ against the UK government in an eight-year court battle.”
Read more from BBC News
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