British pensioners abroad hit hard by global recession

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British pensioners who have been living abroad but still claiming the UK state pension have lost out on approximately £13 billion of their total income since the global crisis hit in 2007.

Due to the failing strength of the Sterling in that period, over 1,000,000 pensioners have been missing out significantly on what they could have received had they remained in the UK.

The figures, supplied by the foreign exchange specialists HiFX, also show that pensioners are exposed to an annual charge of more than £300 in bank charges in order to transfer their income abroad.

Mark Bodega, director at HiFX, suggested that “Brits living abroad and receiving a fixed income in Sterling have been hit particularly hard, and could not have failed to notice that they are now receiving less form their pensions.

Looking ahead, we see the potential for Sterling to 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 rate each month.”

Such a system is an innovative idea for pensioners living abroad to protect against any further fluctuations in the strength of the Sterling.

If projections prove accurate that the Sterling is only set to weaken further, a system such as this may come to be seen as essential for those involved.

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British pensioners abroad hit hard by global recession

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