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Foreign property income 'can supplement pension funds'

Article Date : Thursday, October 04, 2007       Bookmark on Facebook   Bookmark on Del   Bookmark on Digg   Bookmark on Facebook   Bookmark on Reddit   Bookmark on Spurl   Bookmark on Furl   Bookmark on Yahoo   Bookmark on Magnolia   Bookmark on StumbleUpon   Bookmark on BlinkList

Returns from foreign property investments are being used by some to fund their retirement, experts have stated.

Investment specialist Scottish Widows said that many people saw traditional pension schemes as "a bit risky", prompting them to seek alternative sources of revenue.

In addition, more than four in ten of those polled by the firm said they did not believe they could get by on a state pension alone.

As a result, some were found to have turned to property investment to fund their post-working life, due to the possibility of capital appreciation and rental returns.

However, the firm has urged people to avoid becoming dependent on foreign property purchases.

Ian Naismith, head of pensions at Scottish Widows, said: "People are putting their money into property, which does have some validity, but like anything else it's best not to put all your eggs in one basket."

According to Barclays, Spain, France, Italy and Portugal are among the most popular overseas investment markets with British buyers.
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