As the cost of living goes higher and higher in the UK so more people are looking at retiring to a different country say Saga Insurance.
A Saga Insurance spokeswoman explained that currently less than 1 percent of those retiring move abroad in order to cut their living costs, though there has been much more interest in the idea recently. It will help those about to retire that their property values are at all time highs. This gives them a good base from which to set up home abroad.
There are many factors to consider when living abroad said the Saga Insurance spokeswoman, with costs being just a part of the equation. Lifestyles are very different overseas and it can sometimes be difficult giving up things that have been part of life for so long.
Legal and General has today launched a new pension product, called the Portfolio Plus Pension it is designed for customers who want to spread their investment in a large number of funds.
Over 40 fund managers are responsible for around 300 different funds, with customers pension payments being spread between up to 100 of them. Both Legal and General themselves plus independent financial advisors are promoting the new Portfolio Plus Pension, giving customers plenty of choice regarding access to it.
A Legal and General spokesman said that this particular pension option would be ideal for those customers who would like the flexibility inherent in a self invested personal pension.
Starting from Monday 11 August the Prudential is going to decide annuity rates based on where people live, using their postcode as a guide.
A persons postcode can suggest expected life expectancy and typical health backgrounds of people, leading to the Prudential being able to offer rates that will better match the risk with the amount offered. Those in areas of lower life expectancy and poorer health will be likely to receive bigger pension payments from their annuity since they will be expected not to live as long as someone in a better area.
A Prudential spokesman said that the postcode is an excellent way of determining risk and pension payment since everyone has one. He went on to say that the postcode would make a difference of only 5 percent when comparing highest pension payments to lowest, with other factors also being taken into account to determine the most suitable amount.
