Pension money transfers advised

Expats looking to fund new lives abroad by making money transfers to pensions ought to start saving as early as they can, industry experts suggest.

Investment product provider Hargreaves Lansdown recently raised its concerns that Brits who start making payments to retirement schemes beyond the age of 40 have to deposit a larger portion of their salaries if they wish to leave work aged 60.

Figures from the firm reveal that in order to receive two-thirds of their pension from an average salary of £26,020, savers over 40-years-old would need to put £23.94 per day into a pension account.

Laith Khalaf, pensions analyst at the company, warned Brits to consider making money transfers to retirement schemes sooner rather than later.

He said: "The earlier you invest, the earlier you get the tax relief on the pension and get that working for you.

"I wouldn't set an upper limit on when it makes sense to invest in a pension. Potentially you could leave a pension invested until your 75th birthday."

In other news, health insurer Ingosstrakh recently teamed up with Bupa to provide more medical insurance schemes that may appeal to expats.

Click here to make an International Money Transfer.

By Linsey Summers