European Workers Want to Retire Abroad… and Ideally to the Sun

ROTTERDAM, The Netherlands, August 9, 2010 -

    - Spain and France the Retirement Destinations of Choice
    - British and German Workers the Least Enthusiastic About Retiring at
      Home
    - Retirement Emigration Could Lead to Massive Shift in Healthcare Budgets

Spain, the country famed for lazy days in the sun, siesta, tapas, sangria
and of course a World Cup winning football team, is the retirement
destination of choice for workers in Europe, with one in four (25%) Europeans
wishing to retire abroad identifying Spain as their preferred country
according to a survey of over 7,500 European workers from Aon Consulting, the
leading employee risk and benefits management firm.

In second place came France, the country identified by 15% of Europeans.
Close behind France and Spain, the similarly warm climates of the USA, Italy
and Australasia filled the next three places in the survey.

Spain and France also topped the popularity tables when it came to
workers intending to retire in their home country. In this case, the Spanish
(86.8%), French (81.1%) and Danes (73.6%) keenest to retire at home, in stark
contrast to workers in the UK (42.7%), Germany (45.9%) and Ireland (49.0%)
where the majority hope to retire abroad.

An influx of retiree immigrants to any one country could exacerbate the
already ticking time bomb of an ageing population in Europe, forcing
countries like Spain and France to rethink social policies and budgets to
deal with extra pressures on healthcare resources.

This research is part of the Aon Consulting European Employee Benefits
Benchmark, a survey of more than 7,500 workers from across Belgium, Denmark,
France, Germany, Ireland, The Netherlands, Norway, Spain, Switzerland and the
UK, ten of the leading economies in Europe. The Benchmark focuses on the
views of workers across Europe on topics such as retirement, employee
benefits and other pension-related issues.

Top 10 Retirement Destinations for Europeans (for those who hope to
retire abroad):

    1) Spain
    2) France
    3) USA
    4) Italy
    5) Australasia
    6) Africa
    7) Switzerland
     Latin America
    9) United Kingdom
    10) The Netherlands

Percentage of those wishing to retire in their home country:

    Spain             86.8%
    France            81.1%
    Denmark           73.6%
    Norway            63.4%
    The Netherlands   61.4%
    Switzerland       53.0%
    Ireland           49.0%
    Germany           45.9%
    UK                42.7%

Oliver Rowlands, head of retirement, Europe, Middle East and Africa, at
Aon Consulting commented: "Cheap air travel and the communication tools
available over the internet means that retiring overseas doesn't necessarily
mean being completely absent from your family's life, making the prospect of
emigration to other countries on an previously unseen scale a real
possibility.

"Not surprisingly, most people want to spend their retirement
predominantly in countries with good weather and good social and government
benefits, and ideally close enough so that they can get home quickly if they
need to.

"There are financial implications that people thinking about retiring
overseas need to consider. Cost of living may be higher in the country of
choice, and so people planning on retiring abroad need to factor that in to
their savings plan. There can also be tax implications both at home and in a
new country of residence, so it is certainly worth investigating that in
advance so there are no nasty surprises later on. And finally healthcare
benefits can vary widely for expatriates and this will be a major concern for
retirees as they grow older."

Aon Consulting has recently published an in depth report,
'Expectations vs. Reality: Meeting Europe's Retirement Challenge,' based on
the data from the European Employee Benefits Benchmark. This report gives
insight into some of the retirement and pension issues across an aging
workforce in Europe, one of the key human capital risks for European
employers today. The report can be downloaded from www.aon.com

To read the full press release, please click here:
aon.mediaroom.com/index.php?s=43&item=1987

Notes to editors:

About Aon Consulting

Aon Consulting is among the top global human capital consulting firms,
with more than 6,300 professionals in 229 offices worldwide. The firm works
with organisations to improve business performance and shape the workplace of
the future through employee benefits, talent management and rewards
strategies and solutions. Aon Consulting was named the best employee benefit
consulting firm by the readers of Business Insurance magazine in 2006, 2007,
2008 and 2009. For more information on Aon Consulting, please visit
www.aon.com/human-capital-consulting.

Safe Harbour Statement:
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Aon Consulting is authorised and regulated by the Financial Services
Authority.

For more information contact: David Skapinker, PR Manager, Aon, +44(0)20-7505-7478, David.skapinker at aon.co.uk; Bartjan Willenborg, Director of Marketing Aon Consulting EMEA, +31(0)10-448-74-23, Bartjan_Willenborg at aon.nl