Credit crunch 'bites' expatriate pensions
06/01/09 18:03
Expatriate pensioners have seen their income decrease due to the current economic climate, according to a new study.
Research by HiFX revealed that some expatriate pensioners living abroad in Europe have witnessed their incomes decrease by 20 per cent over the past two years due to the falling strength of the pound against the euro.
Mark Bodega, director at the currency specialists, said: "In the current economic slowdown everyone is feeling the pinch. However Brits living in Europe and receiving a fixed income in Sterling are being hit particularly hard.
"Any pensioners who have not set up a regular payments abroad system to transfer their pension income at a fixed exchange rate each month can not fail to have noticed that they are receiving less."
According to the Association of International Property Professionals, 17 per cent of all foreign properties purchased overseas by UK buyers last year were in France.
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