Thousands of British expats may lose a significant portion of their pension due to “misleading” advice from the UK government, according to financial consultants cited by The Mail on Sunday. Many pensioners are already out of pocket after believing the Department for Work and Pensions-sponsored Money Helper-Pension Wise guide, which stated that they could withdraw a tax-free quarter of their pension at age 55. However, only those planning to remain in the UK after retirement are guaranteed the full amount, with expats potentially liable for nearly half their lump sum in taxes within their new country of residence. The guide has now been updated to warn non-UK residents to seek cross-border financial advice.
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