Four in 10 retirees want to live abroad

By Harry Wallop, Consumer Affairs Editor Published: 8:00AM GMT 06 March 2010

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Millions of Britons, fed up with vital in Britain are deliberation relocating abroad of improved continue and a shift of pace.

Around 42 per cent of people elderly over 55 pronounced they were meditative of relocating overseas, with 38 per cent deliberation you do so inside of the subsequent five years, according to the consult of a 1,000 people undertaken by the Foreign and Commonwealth Office (FCO).

We contingency arise up to the pensions time explosve Three buliding conflict Lord Mandelsons Royal Mail sell-off, consult says Expat Finance: Trend for relocating abroad increases as up to 500,000 hope for for mass departure this year Waisting away: you and your BMI index Banking crisis: Retirees might not be forced to buy annuities prior to age of 75

However, the FCO and monetary experts have given notice that people should not be wooed by the awaiting of siestas and sangria prior to deliberation the monetary implications of such a extreme move.

One million expats who live abroad still embrace a British state pension, but this is paid in sterling.

Currency sell association HiFX has distributed that pensioners vital in Europe lost �4.9 billion in dual years interjection to the strength of the euro opposite sterling.

The normal income for British pensioners abroad has depressed by around �242 a year given Jan 2007. Those vital in Australia, New Zealand and South Africa have been strike even harder, with those in Australia poorer to the balance of �628 a year.

The FCO undertook the investigate after traffic with an augmenting series of expats struggling with their move abroad. It believes that majority people had not finished sufficient investigate prior to withdrawal Britain.

A entertain of people certified they had not thought about the stroke of intensity banking fluctuations, with 4 out of 10 observant they thought sell rates were less critical once you lived in a country.

Around 43 per cent of people additionally pronounced they thought going somewhere on authorised holiday would give them a satisfactory sense of either they would suffer vital there.

Foreign and Commonwealth Office Minister Chris Bryant said: "In the fad of creation plans for a destiny in the sun, people don"t regularly think about the probable downsides or the problems that can occur.

"It"s regularly inestimable being additional discreet when you are creation a squeeze abroad. Local laws can be formidable and unclear, so regularly find authorised advice."

A apart consult by MoneyCorp referred to that as majority as 8 in ten expats vital in Spain felt worse off as a outcome of the sell rate and descending skill prices.

The Office for National Statistics has pronounced that the series of people withdrawal Britain reached a jot down high in 2008, with an estimated 427,000 people emigrating. This was up from 341,000 in 2007.

While majority of the enlarge was down to European workers, quite Poles, returning home, majority were immature British workers looking improved jobs overseas. Australia and Spain are the dual majority renouned destinations for British people emigrating.