No evidence of UK retirees being panicked into returning after Brexit vote, Office of National Statistics data suggests
Around 340,000 people living in EU countries (excluding Ireland) in receipt of state pension
Still awaiting confirmation on reciprocal deal which would guarantee state pensions paid to UK expats living in the EU are not frozen
Tom Selby, senior analyst at AJ Bell, comments:
“After the hurricane of uncertainty created by the shock Leave vote in June last year, we now appear to be in the eye of the storm. The number of UK citizens in receipt of the state pension in EU countries (excluding Ireland) has held steady since the referendum, suggesting the mass exodus some feared has yet to materialise (see graph below).
“It may be that those considering returning to the UK are awaiting clarity on how the final deal will affect them, although for many retired expats whether or not their state pension continues to rise in line with the triple-lock will be just one of a number of factors to be considered.
“The value of annual increases in the state pension should not be underestimated, however, and could run into tens of thousands of pounds over the course of a person’s retirement.
“But ultimately it makes sense for people to hang tight until details of the Brexit deal become clear.”
Source: Office for National Statistics