More people set to retire abroad
A growing number of Britons are expected to pack their bags and retire abroad, a financial expert has stated.
According to pension consultant Martin Cadman, Britain is currently experiencing record levels of migration, reports CityWire.
This, he said, means that financial advisers are increasingly having to deal with issues such as overseas pensions - a trend he expects to continue over the next few years.
Mr Cadman commented: "In the last decade, migration has been greater than at any time in history and the government is paying out £1.6 billion a year in overseas pensions."
He added that by 2050, this figure is likely to go up to about £6.5 billion.
Mr Cadman was speaking after the Institute for Public Policy Research (IPPR) said that more than three million pensioners will be living abroad by this time.
IPPR researcher Jill Rutter recently told the Guardian that growing prosperity has fuelled from the UK in recent years.
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