Britons eye up overseas retirement

Almost half of Britons would consider moving abroad after they retire to make their cash stretch further, according to new research.

Millions of workers with inadequate pensions and savings are on track for a sudden slump in their income when they stop working, the National Association of Pension Funds (NAPF) warned.

Almost half of people who took part in a survey said they would think about retiring to a cheaper country in order to get more for their money.

Six out of ten people said they do not expect to be able to retire in comfort in the UK, and only 15 per cent believe they will.

A third said they would rather retire somewhere cheaper overseas than start paying more into their pension.

Joanne Segars, NAPF chief executive, said: “More and more people will retire only to find that the state pension and their savings don’t get them as far as they want. They’ve got a choice – stay here and see their standard of living drop, or aim for a better deal by emigrating.

“In a globalised economy, people will scour the world for the right lifestyle at the right price. We expect to see more ‘grey flight’ as people try to squeeze the most out of their pension.”