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Expat Pensioners hit by Bank Charges and Currency Fluctuations

Tue 23rd Mar 2010

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 FC Exchange suggested that expats' pensions will be dealt another blow as sterling has weakened.

James Croft, on behalf of FC Exchange 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 research carried out found that retired expats living in South Africa, New Zealand and Australia have been worst hit in the last two years due to of market volatility and the depreciation of sterling.

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