British retirees drawn to Australia

More than half of British baby boomers over 50 are looking to relocate during retirement to escape UK's pension crisis, and Australia seems to be the top destination.

That was the finding of deVere Group's poll of 1235 people, which said 59 per cent have considered moving to countries like Australia, the US and France to escape the financial pressures of the UK.

Australia and Spain seem to be the top destinations for those over 50.

Founder and chief executive, Nigel Green, said financial pressures were the main drivers, along with standard of care for the elderly, and quality of life.

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"The combination of the UK's burgeoning pension crisis, the looming care crisis, the UK's cost of living, high taxes, low interest rates, and the scrapping of some age-related benefits are, say our respondents, the main ‘push factors'," Green said.

But British expatriates are also keenly aware of financial perks of moving out, including expat-exclusive financial benefits.

These include a qualified recognized overseas pension scheme, which lets expats avoid the 55 per cent liabilities of inheritance tax, access flexible high-return investments, receive pensions in their choice of currency and attain 30 per cent as a cash free lump sum.