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Following the news earlier this week that half a million expatriate pensioners would not receive inflation-linked pensions from the British government, new figures have suggested the average expat pensioner wastes £300 a year in bank charges.
The decision by the European Court of Human Rights means expats living in 150 countries including Australia, New Zealand, South Africa and Canada will continue to receive the level of pension they started taking out when they first moved abroad.
Research by currency broker HiFX suggested that expats’ pensions will be dealt another blow as sterling has weakened.
HiFX director Mark Bodega said: "The cost of living for expats receiving a fixed income in sterling has already shot up in the last few years as sterling has depreciated. So this ruling that their income will not rise in line with inflation as it does for pensioners in the UK is a double blow for hundreds of thousands of pensioners who are already struggling".
The broker’s research found that retired expats living in South Africa, New Zealand and Australia have been worst hit in the last two years because of market volatility and the depreciation of sterling.
People who are thinking of moving abroad could check they are covered by an expatriate medical plan to help reduce treatment costs.
Moving abroad? Get a free quote for your international medical insurance online.
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Expatriate Group & Expatriate Healthcare are trading styles of Strategic Insurance Services Limited who is authorised and regulated by the Financial Conduct Authority (FCA). FCA Firm reference Number is 307133. Strategic Insurance Services Limited is authorised to carry on Regulated Activities in accordance with the permissions granted by the FCA under PART IV of the Financial Services and Markets ACT 2000.