Britons looking towards Australia for retirement
A large cohort of British baby boomers is looking to flee the country's pension crisis and other financial pressures and relocate to countries like Australia, a poll found.
deVere Group's latest poll found 59 per cent of the 1235 respondents have "seriously considered", "are thinking about", or "would be tempted" to live in countries like Australia, Spain, the US, France and Thailand during retirement, a 10 percentage point jump from last year's poll.
Founder and chief executive, Nigel Green, said financial pressures were the main drivers, along with standard of care for the elderly, and quality of life.
"The combination of the UK's burgeoning pension crisis, the looming care crisis, the UK's cost of living, high taxes, low interest rates, and the scrapping of some age-related benefits are, say our respondents, the main ‘push factors'," Green said.
British expatriates are also keenly aware of financial pull factors, where they will benefit significantly from expat-exclusive financial avenues.
These include a qualified recognized overseas pension scheme, which lets expats avoid the 55 per cent liabilities of inheritance tax, access flexible high-return investments, receive pensions in their choice of currency and attain 30 per cent as a cash free lump sum.
