Pensioners ’should consider offshore accounts’
Offshore accounts and pensions allow people more diversity with their savings, according to Shelter Offshore.
The expat advice publication said that traditional onshore pensions are often not the best way for people of retirement age to make the most of their money.
It highlighted the need for the correct financial advice to deal with both "shorter term objectives as well as your long-term pension planning objectives".
"You can diversify so you avoid being tied to ever falling annuity rates – as onshore pensions savers are – and you can avoid being trapped in one scheme or on one path towards your retirement income," the news provider said.
Moving funds to a qualifying recognised overseas pension scheme was also suggested for retirees who are no longer resident in the UK.
Pensions expert Ros Altmann recently commented that too few people nearing the age of retirement have placed enough funds in savings accounts and pensions for their later years.
She suggested that there has not been enough encouragement for people in the UK to save.
Posted by Andy Price.