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Expats see rise in pension income but it remains lower than a decade ago
| Published: | 25 Feb at 3 PM |
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Retired Brits overseas are currently feeling the benefits from the pound’s strengthening, but two-thirds are not as well off as they were 10 years ago.
Pension payment firm Equiniti, which deals with more than 60,000 retired Brits abroad, said that expats are currently enjoying a boost in income due to the rise of the pound, but most remain worse off than they were in the mid-noughties.
The majority of the 60,000 retirees that Equinity manages pension payments for are in the Eurozone, where even though the British currency has gone up by 10 per cent over the past 12 months, they are still seven per cent poorer than they were 10 years ago. A pension worth £5,000 equates to 6,548 euros in comparison to 5,963 euros in February last year, but despite the improvement it is still 500 euros less than is was in 2005.
Equiniti director Andy Brown explained that expat pensioners always feel the effect of the change in currency value so with the pound strengthening in the past year they have enjoyed a boost. However, he noted that the majority of retirees abroad are still worse off than they were 10 years ago, particularly those living in Australia, New Zealand, the US and Canada, adding that those living in Thailand, the Philippines and Switzerland have been the hardest hit.
Pension payment firm Equiniti, which deals with more than 60,000 retired Brits abroad, said that expats are currently enjoying a boost in income due to the rise of the pound, but most remain worse off than they were in the mid-noughties.
The majority of the 60,000 retirees that Equinity manages pension payments for are in the Eurozone, where even though the British currency has gone up by 10 per cent over the past 12 months, they are still seven per cent poorer than they were 10 years ago. A pension worth £5,000 equates to 6,548 euros in comparison to 5,963 euros in February last year, but despite the improvement it is still 500 euros less than is was in 2005.
Equiniti director Andy Brown explained that expat pensioners always feel the effect of the change in currency value so with the pound strengthening in the past year they have enjoyed a boost. However, he noted that the majority of retirees abroad are still worse off than they were 10 years ago, particularly those living in Australia, New Zealand, the US and Canada, adding that those living in Thailand, the Philippines and Switzerland have been the hardest hit.
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