Retiring abroad has become a popular choice for UK pensioners, with Poland and South Korea among the fastest-growing destinations, according to new research by Investing Reviews.
The Isle of Man saw the biggest rise in the number of pension claimants, with a 984% increase from 2012 to the latest figures. Slovakia had a 488% increase and Lithuania a 309% increase. The research, which compiled data from the Department of Work and Pensions, found that South Korea had grown by 277%, while Poland had gone up by 214%. Estonia had a 190% rise, Georgia 183%, Latvia 173%, Vietnam 155% and Romania 148%.
There are pros and cons to each of the destinations. In Poland, accommodation is relatively easy to find, even in the capital of Warsaw. However, property sizes can be small, though estate agents who can speak English can help find larger dwellings. South Korea is reasonable in terms of prices, according to website InterNations, but fuel is pricey. Pubs are cheaper than in the West, but dinner at a cheap restaurant will cost £17 ($22) for a couple, and 17% of people's salaries go on National Health Insurance.
The Isle of Man, which is not part of the UK or the European Union, has become an increasingly popular destination due to its safe environment and unique natural surroundings. The island is only 33 miles long and 13 miles wide but has plenty of open space areas. There are 400 restaurants, bars and cafes, and 30 sports clubs and associations, according to Relocate Magazine. The Isle of Man has UNESCO Biosphere status and was named one of the safest places to live on the British Isles.
Investing Reviews CEO Simon Jones said that over one million people are now enjoying their UK state pension from "some far-flung and exotic places". However, he added that people retiring abroad need to be aware of the rules that could affect them when drawing a UK pension as a non-UK resident. For example, if retirees move to the European Union, Switzerland or somewhere in the European Economic Area, their pensions will increase in value alongside British levels, but if they are elsewhere, they may need to make other plans. Photo by Jorge Lascar, Wikimedia commons.