Revealed: The top 10 fastest-growing destinations for UK pensioners retiring overseas
- New research reveals the fastest growing destinations for UK pensioner ex-pats
- Are you a pensioner who moved to top ten? E-mail: [email protected]
Poland and South Korea are among the destinations growing fastest in popularity among UK pensioners retiring aboard.
The Central European republic and the East Asian country are in the top ten locations elderly people are picking for their sunset years.
But the tiny Isle of Man shows the biggest rise of them all – registering an 984% increase in pension claimants from 2012 to the most recent figures.
Despite its proximity, the island is not part of the UK or the European Union and is a self-governing dependency of the British Crown.
Next down on the countdown shows The Slovak Republic with a 488% increase in pensioners and the Republic of Lithuanian in third place with a 309% rise.
New research has shown the fastest growing destinations for pensioners leaving the UK
South Korea is in fourth position and has grown by 277%, while fifth placed Poland has gone up by 214%.
The table has been compiled by money comparison site Investing Reviews from data provided from the Department of Work and Pensions.
Locations shown to be the fastest growing may be surprising at first glance but there are pros and cons to many of the destinations.
In Poland it is relatively easy to find somewhere to live – even in the capital of Warsaw.
Accommodation can be on the small side, although estate agents – of whom the majority can speak English – can help find somewhere bigger.
Poland where it is relatively easy to find somewhere to live – even in the capital of Warsaw
South Korea has also become a surprising destination for pensioners leaving their UK homes
But the cost of living is fairly low, with pubs on a night out cheaper than in the West, according to Expat Arrivals.
Petrol and fuel are pricey, meaning any savings elsewhere could be gobbled up if you are a motorist.
South Korea said to be ‘reasonable’ in terms of prices, according to website InterNations.
It says it is not as cheap as China or Laos, but the cost of living is much less than Japan or Singapore.
Dinner at a cheap restaurant will cost £17 for a couple but 17% of people’s salaries goes on National Health Insurance.
Isle of Man Railways, a popular Isle of Man tourist destination, could be one draw to the island
The Isle of Man is one of the safest places to live on British Isles and has UNESCO Biosphere
The appeal of the Isle of Man is easier to understand, with one survey recording 86% of people there saying they have an ‘excellent quality of life’.
It is named as one of the safest places to live on the British Isles and has been awarded a UNESCO Biosphere status due to its unique nature.
The island is only 33 miles long and 13 miles wide but suffers no overcrowding, with plenty of open space areas.
There are 400 restaurants, bars and cafes and 30 sports clubs and associations, according to Relocate Magazine.
A man walks inbetween paddy (left) and vegetable (right) fields in Can Tho city of southern Vietnam’s Mekong Delta
The rest of the Pensioner Exodus Report top ten featured the Republic of Estonia had a 190% rise, while in 7th place was Georgia with 183%.
Latvia, Vietnam and Romania made up the rest of the list with increases of 173%, 155% and 148% respectively.
Simon Jones, CEO of InvestingReviews.co.uk, said: ‘It’s incredible to think that more than one million people are enjoying their UK state pension from some far-flung and exotic places.
‘If you have moved to the EU, Switzerland or somewhere in the European Economic Area, your pension will increase in value alongside British levels, but if you’re elsewhere, you might need to make other plans.
‘If you live abroad already or intend to retire overseas when you reach retirement age, it’s important to be aware of the rules that could affect you when drawing a UK pension overseas as a non-UK resident.’