Brexit blow for expat pensioners this Christmas
The majority of expat pensioners are now living off an income which is worth 20% less than the previous pre-Brexit festive period, according to Equiniti Group plc which manages the payment of over 60,000 expat pensioners.
Of the 60,000 pensioners the largest group is receiving their pension in the Eurozone, where market uncertainty and the threat of Brexit have led to the value of their pension falling by over 3% in the last year, , added to the 17% fall in the year following the vote.
With inflation across the Eurozone running at 1.5%, British expat pensioners will be feeling the pinch.
However, expat pensioners elsewhere in the world have suffered from these exchange rate woes, with pensioners worse off in US (-10%), New Zealand, Australia and Canada (all -14%).
South Africa (-15%) and Jamaica (-4%) also saw fall in expat pensioner income as a result of exchange rate movements.
Andy Brown, operations director at Equiniti, said that expat pensioners are always at the behest of the currency exchange rollercoaster and the stumbling Brexit negotiations are not doing them any favours. Anyone hoping to retire abroad will have had plans seriously derailed by the Brexit vote and the currency fluctuations.