Michael Burkie, market development manager EMEA at The Bank of New York Mellon explains why those who retire abroad do not always get a fair deal, and what can be done to rectify the situation
Many dream of a retirement abroad - a prospect made even more appealing by the idea of warmer weather, lower living costs and a more sedate pace of life. To date, over 1 million UK pensioners are living this dream, and many more are planning on joining them - a further three million by 2020, if the estimates are correct. For these retirees, the pensions payments process is rarely a point of consideration. Yet it should be, if for no other reason than the fact that the income shift from salary to pension is a significant financial change in an individual's life. As a result, pensioners are m...
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