Britons relocating to Spain advised to check pension arrangements
"Britons thinking of relocating to Spain have been advised to make sure that their UK state pension arrangements are in order before moving, according to major financial services provider.
Bank of Scotland International cited statistics showing that more than a quarter of second homes abroad are located in Spain, with 75,000 retirees drawing their state pension from the UK while living in the Iberian nation.
The company stated that Britons should ensure that their National Insurance contributions are up-to-date in order to withdraw a state pension from abroad, while some could consider allowing their pension to accumulate so that a lump sum can be retrieved when returning to the UK.
Tony Wilcox, managing director of Bank of Scotland International, remarked: "For many people, moving abroad is a very exciting time, but it is important to have adequate financial planning in place."
He added that a "considerable amount of hassle" could be saved by ensuring that adequate arrangements concerning pensions have been made.
Last December, the Foreign Office told people who are thinking about moving to Spain for retirement to plan ahead to avoid predicaments later in life, after consulate officials reported spending more time helping elderly Britons who are unprepared for life abroad. "
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