However, expats in other destinations would also be likely to benefit from solid expat financial services; the study reports that pensioners in Australia, New Zealand, Canada and North America are also facing difficult financial questions coupled at a time when they are coming to terms with declining income. In fact, only pensioners in South Africa and Jamaica have actually seen their income rise over the past decade.
The study was carried out by Equiniti Group which oversees the payment of more than 60,000 pensions.
“Expat pensioners are always at the behest of the currency exchange rollercoaster, but after a period of the pound strengthening, the retirement income that they received has dipped again for most,” commented Andy Brown, managing director at Equiniti International Payments.
It is clearly a critical time for British expats abroad and the value of solid and authoritative expat financial advice has never been clearer, whether it relates to QROPS or QNUPs transfers, wealth management or regular savings. As has always been the case, good timely advice has the potential to make a real difference.
This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.
Pensions transfers for expats may become simpler if the Department for Work & Pensions follows through on plans to drop the requirement for consumers to receive accredited advice before making an expat pension transfer.
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