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Spain still tops for British expat retirees hoping to escape Brexit Britain
| Published: | 26 Aug at 6 PM |
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In spite of Brexit fears, Spain is still the all-time favourite retirement destination for Britons.
Yet another recent survey sees Spain topping the list of retirement favourites for Britons looking to escape the potential meltdown following a no-deal Brexit. France and Portugal were the runners up, with Turkey now in the top ten, but the USA feel to ninth place. New Zealand and Australia are still in the top ten, even although UK expats choosing either will have their British state pensions frozen on arrival.
Given that the increasing costs of living in both countries is now causing already established expats to consider moving on, frozen pensions for new arrivals are more serious than they may seem at first. Examples given include British expats who relocated in the year 2000, at which point the UK pension was just £67.50 per week, the amount they still receive, whilst the same year’s pensioners who stayed in the UK are now receiving £129.20, almost double the initial amount. At present, all UK retirees living in EU member states receive the annual uprate, but it’s far from clear whether this will continue after Brexit even although the British government have stated uprates will continue to be paid at least until 2020.
Already established British expat pensioners as well as those now preparing to leave the home country will be affected by a further decline in the value of the pound sterling, with the fall expected to be far worse should a no deal Brexit be the final outcome. For those concerned about receiving their private or work-related pensions, the financial sector has attempted to put in place risk-mitigating measures to prevent disruption to both insurance and pension deals. However, a spokesperson for the industry warned of unforeseen consequences of a no-deal exit, and is urging the British government to avoid a no-deal scenario.
Yet another recent survey sees Spain topping the list of retirement favourites for Britons looking to escape the potential meltdown following a no-deal Brexit. France and Portugal were the runners up, with Turkey now in the top ten, but the USA feel to ninth place. New Zealand and Australia are still in the top ten, even although UK expats choosing either will have their British state pensions frozen on arrival.
Given that the increasing costs of living in both countries is now causing already established expats to consider moving on, frozen pensions for new arrivals are more serious than they may seem at first. Examples given include British expats who relocated in the year 2000, at which point the UK pension was just £67.50 per week, the amount they still receive, whilst the same year’s pensioners who stayed in the UK are now receiving £129.20, almost double the initial amount. At present, all UK retirees living in EU member states receive the annual uprate, but it’s far from clear whether this will continue after Brexit even although the British government have stated uprates will continue to be paid at least until 2020.
Already established British expat pensioners as well as those now preparing to leave the home country will be affected by a further decline in the value of the pound sterling, with the fall expected to be far worse should a no deal Brexit be the final outcome. For those concerned about receiving their private or work-related pensions, the financial sector has attempted to put in place risk-mitigating measures to prevent disruption to both insurance and pension deals. However, a spokesperson for the industry warned of unforeseen consequences of a no-deal exit, and is urging the British government to avoid a no-deal scenario.
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