British pensioners living overseas have collectively lost out on a potential €13bn shortfall in their income since the global recession hit due to the falling strength of sterling against the euro, reports foreign exchange broker HiFX.
HiFX calculates that since the beginning of this year, market volatility in the first five months meant an average couple living in the Eurozone could have seen their monthly pension income of £628 worth anywhere between €756 in January to €698 in May, a difference of €58. Director Mark Bodega warns of the likelihood that sterling will weaken further. “With this in mind, those individuals who are budgeting for the coming year will be well placed to set up a regular payments abroad system to transfer their pension income at a fixed exchange rate each month. This will also protect agains...
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