Temporary or permanent emigration may depend on pension provision

Published:  6 Dec at 6 PM
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Migrants leaving the UK for overseas jobs many never intend to return, but the final decision to stay or go may depend on whether they have a pension in their host country.

It seems that deciding to make a permanent commitment to your host county at the end of a career is easier if you have opted into a pension scheme in your overseas home. Taking this step tends to indicate that there’s enough which is good to encourage staying for the rest of your life.

The latest HSBC Expat Explorer survey indicated that, for UK citizens, becoming an expat lifer is easier in Canada, Australia and the USA, with Canada at the top of the list with 86 per cent of expats taking on Canadian state pension schemes.

Australia boasts 80 per cent of UK migrants with no intention of returning home, and 75 per cent of those who’ve emigrated to the USA are happy to stay there. In all three countries, the percentage of expats who arrived more than 10 years ago was significantly higher than in most other countries, indicating that the host county is now considered as home.

Eight out of ten expats responded that they had relocated before the year 2000 and 61 per cent of those in Australia had clocked up at least 10 years’ residency, as had 67 per cent of expats living in the USA. Overall, in other location such as Switzerland, Russia, Germany and New Zealand, at least 50 per cent of British migrants have taken on a pension scheme in their host country.

Denmark, although not the most popular expat destination, has the best pension provisions in the world, with Australia’s Super coming in at third place, Canada's state pension at sixth, and the USA now dropped out of the top ten.
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