TIPS FOR PENSIONERS ABROAD

1 Get an estimate of your state pension amount, and when you can get it, at gov.uk/check-state-pension or call Future Pension Centre on 0800 731 0175. Find out more about claiming your state pension abroad and how it can be paid if you live abroad at gov.uk/statepension-if-you-retire-abroad. 2 Check what reciprocal social security agreements are in place with the country you are considering retiring to regarding your UK state pension and other benefits. Currently, if you retire to countries in the European Economic Area, Gibraltar and Switzerland, and are entitled to a social security benefit or state pension, you will keep that entitlement and your state pension will usually get an increase every year. Other countries the UK has reciprocal agreements with include Barbados, Jersey, Guernsey, the Isle of Man, Turkey and the USA. But while the UK has social security agreements with Canada and New Zealand, you won’t get a yearly increase in your state pension if you choose to live there. 3 Find out about your welfare rights in the country you are thinking of retiring to. Check the cost of healthcare and find out about medical insurance and how much it will cost.

4 Keep an eye on exchange rates so you can get an idea how much income you will actually have to live off.

5 Do your homework on the cost of living in the country you want to move to – don’t leave it to chance that you will be able to afford a comfortable lifestyle once you’re there.

6 Seek independent financial advice before you move – to find an adviser go to unbiased.co.uk or vouchedfor.co.uk – on these websites you can search for experts on expatriate finance.

7 Tell HM Revenue and Customs that you are moving overseas. This allows them to let you know of any UK tax liability you may have even though you planning to live overseas. And, more importantly, it can allow any UK pension you have to be paid gross (no tax deducted) and taxed in your country of residence (only applies if the country you live in has a double taxation agreement with the UK).

8 If you decide to keep your property in the UK you will need to let your mortgage provider (if you still have a loan on it) and insurance company know if it will be rented or remain empty for long periods.

9 Notify utility companies, financial institutions and your local council when you are leaving. 10 Contact the electoral register, and arrange for mail forwarding via the Post Office.