Due to soaring Sterling the state pension of around half a million expats living in Europe has been boosted by nearly 10 pc.
The jump is not only due to sterling rising but also the annual increase in the state pension which in April went from £110.15 per week to £113.10 per week.
However, the pound has jumped in value against the euro – In June one pound was worth €1.17 – It is now worth €1.26.
Of the estimated 450,000 expat pensioners living in the Eurozone area, 75% live in four countries: Ireland (130,000), Spain (107,000), France (60,000) and Germany (40,000).
Expatriates residing in countries with a bilateral agreement with the UK can expect their basic state pension to rise each April. Payments are increased by the greater inflation, earnings or 2.5 per cent – known as the ‘triple lock guarantee’.
All Eurozone countries have a bilateral agreement with the UK.
However, expatriates retiring in Commonwealth countries as Australia or Canada do not benefit from the rise in inflation as their pensions are frozen at the rate when they leave the UK.
Contact Dino Zavagno MD at Gladstone Morgan or a member of his team to arrange a meeting further discuss your pension requirements.
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