British pensioners heading overseas after cashing in on reforms

Published:  20 Apr at 6 PM
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With the new pension reforms in the UK, British retirees are cashing in and heading to pastures new in foreign lands.

Among the main investments pensioners are making after withdrawing substantial sums of money from their savings are holiday homes abroad with, unsurprisingly, Spain being the most popular destination.

Chancellor George Osborne introduced reforms earlier in April that enable people over the age of 55 to make unlimited withdrawals from their pensions. Although the majority of people in this bracket are not looking for an immediate payout, those who are appear to be spending it abroad.

Standard Life’s head of pensions strategy Jamie Jenkins admitted that it was too early to come to any definite conclusions regarding spending trends, but noted that it was interesting to hear the various reasons people were saying why they were withdrawing the funds, with paying off debt to buying a speedboat among the most contrasting ones.

The number one reason for cashing in on pensions was property investment, including buying a holiday home, paying off a mortgage or investing in Britain. On the more lavish side were a speedboat, a Bentley and even Thai girls, while in the true British tradition, alcohol was also listed.

Jenkins added that it just went to show how varied people’s lives were.
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