Ex-pat retirees who receive their pensions in sterling are seeing their incomes squeezed by the weak pound, an international wealth management firm said.
Sterling has decreased in value by 20% in the past three years, David Howell, group chief executive of Guardian Wealth Management said. A recent report from Lloyds TSB International estimates there are around a million British expat pensioners receiving their pension in sterling. "They will be receiving less when they convert to local currency now than they were three years ago," said Howell. Howell said the situation was unlikely to improve in the near-term. "With the Eurozone increasing interest rates, in contrast to the UK and the US which are trying to maintain rates as low ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
