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Majority of expats confused about pension freedoms
| Published: | 10 Jun at 12 PM |
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Seven in 10 British expats do not understand newly-introduced pension flexibilities, according to a study by financial advice company AES International.
The firm surveyed 170 expats, finding that 70 per cent did not know their freedoms, and that of the 30 per cent that did, only six per cent knew in what way it would affect their retirement funding plans. Furthermore, of the 30 per cent who understood the regulations, 70 per cent were of the mindset that the changes were positive.
The study also showed that 30 per cent of Brits residing abroad had received an unsolicited call during the past few months offering financial advice on the recent changes. However, 45 per cent of respondents found the calls “suspicious”.
AES International head of pensions James McLeod noted that their results indicated that there were a “worryingly high number” of UK citizens residing abroad that remained in the dark about changes to regulations surrounding their pensions.
He went on to explain that while the pension flexibility regulations were widely reported by the British media, unless an expat searches for information on these alterations, they would probably not be well-informed enough to make a proper decision.
The firm surveyed 170 expats, finding that 70 per cent did not know their freedoms, and that of the 30 per cent that did, only six per cent knew in what way it would affect their retirement funding plans. Furthermore, of the 30 per cent who understood the regulations, 70 per cent were of the mindset that the changes were positive.
The study also showed that 30 per cent of Brits residing abroad had received an unsolicited call during the past few months offering financial advice on the recent changes. However, 45 per cent of respondents found the calls “suspicious”.
AES International head of pensions James McLeod noted that their results indicated that there were a “worryingly high number” of UK citizens residing abroad that remained in the dark about changes to regulations surrounding their pensions.
He went on to explain that while the pension flexibility regulations were widely reported by the British media, unless an expat searches for information on these alterations, they would probably not be well-informed enough to make a proper decision.
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