Retirees moving to Spain ‘need to plan ahead’

According to a financial institute in Spain, retired moving to Spain may need to consider more than the properties they would live in. They need to consider the financial aspects in taking out a pension while abroad.

The state pension has only one way to be released – through a drawn in the Iberian peninsula, so long as the prerequisite national insurance contributions have been made over the years. This is according to the financial institute, the Bank of Scotland International.

However, according to the institute, it is definitely advisable that the funds need to be arranged and for the funds to accumulate first, especially if the person is planning to live abroad for less than two years. According to the company, this will surely an insurance of a lump sum pension payment upon returning back to the United Kingdom.

“The reason for this is that it ensures foreigners or tourists the amount of hassle this may bring at a later date,” says managing director of the Bank of Scotland International Tony Wilcox. “It is quite better to just make arrangements regarding your pension before leaving the United Kingdom.”

In other news, The Bank of Scotland International has deftly announced last week that it has appointed Ellen Alemany, who will now be the chief executive of the American operations of the Bank of Scotland.

Posted on: Spain

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Retirees moving to Spain ‘need to plan ahead’

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