Spain 'is retirement hotspot for UK expats'

By Tom Farley, Wed 4 Aug 2010 - Published in Pensions

Spain is the top destination for people looking to retire outside of the UK, new research has claimed.

Financial services provider Standard Life ranked the country as its top retirement hotspot, followed by France, the US, Canada and Ireland.

The organisation said that identifying the best destination to retire outside Britain is important, as not all countries are obliged to match any increases in the UK state pension for expats.

Andrew Tully, senior pensions policy manager at Standard Life, commented: "Retiring abroad is a dream for many people but without careful planning and advice, things can potentially go wrong very quickly."

He added that moving to a country which does not have an agreement in place to match the UK state pension could mean that expats have to live on a reduced retirement income in real terms.

Recent research by Confused.com found that pensions are the most puzzling financial product, with 83.9 per cent of Brits admitting to being baffled by them.

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