A recent report looked at America, Australia, Switzerland Canada and Denmark. All these countries have similar freedoms in place to those in the UK. The report looked at how pensioners spent their money in those countries.
Alarmingly, if the Brits spent like the Ozzies 40% would run out of money at age 75! 10 years into retirement. Leaving for men an average further 12 years relying on the state pension alone.
In the study it was clear that the ones most affected in terms of detriment to their life styles was the middle class who were used to a better standard of living.
Because of the new “flat-rate” state pension, which comes in next year, and pensioners credit, retirees who run out of private pension savings are at low risk of falling into poverty but pensioners would be at “substantial” risk of falling below other poverty indicators, such as the “low income” threshold at 70pc of typical income.
The warnings are clear, please do not dice with your pension, if you make the wrong choices you could regret it for most of the rest of your life.
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The health and safety of our clients and all associated with our company is of paramount importance and as such we would like to share some information about the steps we have taken to ensure the welfare of all those concerned. Our response takes account of WHO and local Governmental guidance in addition to our existing business continuity and scenario planning.
As it stands, its been nearly a year that expat retirement transfers of pensions have incurred a charge when moving to or between Qualifying Recognised Offshore Pension Schemes (QROPS), with only expats living within the European Union or a select group of 13 other countries immune to this charge.