Expat pensioners losing money

Thu, 06 Nov 2008

Expat pensioners living throughout Europe are seeing the value of their state pensions slump, with falls of approximately £160 a month over the last two years due to the free-fall value of the pound.

Currency exchange specialise HIFX reported the fall. Mark Bodega, of the company, reportedly commented: "Britons living in Europe and receiving a fixed income in sterling are being hit particularly hard. In the last month we have seen unprecedented volatility in the currency markets, with the value of the sterling fluctuating by over 6pc against the euro, the largest monthly range in percentage terms since May 2000."

A spokesperson for the Department of Work and Pensions reportedly said: "Annual upratings of the state pension are paid to UK state pension recipients resident in the European Economic Area and Switzerland, or countries where we have reciprocal social security agreements which allow for increases to be paid there."
add to favouritesnewsletterlink to this pagesend to friendpost comments

Link to this page

Copy and Paste the following HTML into your page.

Pensions.co.uk is part of a large network of financial sites created to help advise you on life events, such as buying a house, Mortgages.co.uk; insuring your car - CarInsurances.co.uk; your life - LifeInsurance.co.uk; and your home - HomeInsurance.co.uk.

1998 - 2009 UK Pensions - Planning before, at the onset and during retirement.

Join the Pensions NewsletterPensions Newsletter

Please enter your email below and subscribe to our monthly newsletter

Save money on your mortgageSave on Your Mortgage

Would you like to save money on your mortgage? Fill out our quick mortgage enquiry form.

Health cover, life insurance and PMIProtect Your Health

Find Critical illness, Life and Private Medical Insurance PMI policies.