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British pensions fall on exchange rate
4 November 2008 15:45
British pensioners living it up on the European mainland have potentially lost out on more than £3 billion, according to foreign exchange experts.
What's more, research by HiFX has revealed that average monthly income for pensioners living in countries such as Spain and France has fallen by more than £160.
The reason for these reductions is the pound's recent plight on the money market, with the British currency at one point going into freefall on the back of recession fears.
Mark Bodega, director at currency specialists HiFX, said that Britons living in Europe on a fixed sterling income were being particularly badly affected.
He added that any pensioner who had not set up a regular payment abroad system to transfer their income at a fixed exchange rate could not have failed to notice they were receiving less.
Statistics show that there are more than one million Britons living abroad currently claiming a UK-based state pension.
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