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."
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