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Expats cutting back on pension contributions may turn to equity release schemes

Mon 8th Nov 2010

UK Pension contributions have dropped by £1 billion in the last year, according to a new report.

This could lead to a rise in the popularity of equity release schemes as expats aged over 55 years may look to boost their finances by utilising some of the cash tied up in any property that they may still own in the UK.

Writing for, Dan Hyde highlighted recent government research which showed that the UK's pension contributions dropped by £1 billion in 2009.

The research also showed that even those who continued to pay into a scheme cut back their saving, with the average annual contribution falling from £945 to £886.

In total 430,000 fewer people saved into UK pension schemes in the 2009-10 tax year.

Expats aged over 55 years who are concerned about the income their pension will produce can find out how the value of any property they may still own in the UK could offer them a tax-free cash lump sum by taking advice from a reputable scheme provider.

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