- Home » Expat News » Retired Brit expats in EU to get state pension upgrade of £200 for three years
Retired Brit expats in EU to get state pension upgrade of £200 for three years
| Published: | 2 Sep at 6 PM |
Want to get involved?
Become a Featured Expat and take our interview.
Become a Local Expert and contribute articles.
Get in touch today!
Become a Local Expert and contribute articles.
Get in touch today!
Retired British expats living in EU member state are being promised an annual £200 pension increase for three years following a no-deal Brexit.
In a move aimed at quashing scare tactics suggesting British expat pensioners in the EU would lose out after a no-deal Brexit, Work and Pensions Secretary Amber Rudd has guaranteed the increase for British retirees in the EU, including those in Cyprus, Spain, Portugal and France. The current British state pension is £168 a week, with the triple lock-based increase amounting to £16.66 a month.
Should a no-deal exit be the final result of the past three years’ chaos and sterling react as is forecast, this already ungenerous amount may well be worth far less in euros. In addition, rising costs of living across all favourite European expat destinations as well as a sterling crash will quickly swallow the increase. In her speech announcing the increase, Rudd said the amount will ‘make a real difference for those living in the EU as it will help reassure them they have a financially secure retirement’.
What will happen after the designated three years are up wasn’t made clear in Rudd’s speech, possibly because she’s no idea herself. At best, the statement will reassure the many thousands of British retirees in EU member states they won’t be left without pension payments after a no-deal crash out of the EU, but a three-year limit doesn’t give long-term reassurance of financial security, especially for those older Brits with medical issues who may be forced to take out private health insurance after Brexit finally kicks in.
In a move aimed at quashing scare tactics suggesting British expat pensioners in the EU would lose out after a no-deal Brexit, Work and Pensions Secretary Amber Rudd has guaranteed the increase for British retirees in the EU, including those in Cyprus, Spain, Portugal and France. The current British state pension is £168 a week, with the triple lock-based increase amounting to £16.66 a month.
Should a no-deal exit be the final result of the past three years’ chaos and sterling react as is forecast, this already ungenerous amount may well be worth far less in euros. In addition, rising costs of living across all favourite European expat destinations as well as a sterling crash will quickly swallow the increase. In her speech announcing the increase, Rudd said the amount will ‘make a real difference for those living in the EU as it will help reassure them they have a financially secure retirement’.
What will happen after the designated three years are up wasn’t made clear in Rudd’s speech, possibly because she’s no idea herself. At best, the statement will reassure the many thousands of British retirees in EU member states they won’t be left without pension payments after a no-deal crash out of the EU, but a three-year limit doesn’t give long-term reassurance of financial security, especially for those older Brits with medical issues who may be forced to take out private health insurance after Brexit finally kicks in.
Comments » No published comments just yet for this article...
Feel free to have your say on this item. Go on... be the first!
