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Euro boost for expat pensioners
The pound was worth 1.25 euro at the end of June, compared with 1.17 euro a year earlier
Retired British expats living in the eurozone have seen their basic state pension income boosted by nearly 10% over the last year, according to analysis by an insurer.
Prudential said that while some of the gain has come from a rise in the basic state pension from £110.15 a week to £113.10 a week in April, the bulk of the increase seen by expat pensioners stems from the relative strength of the pound against the euro.
The pound was worth 1.25 euro at the end of June, compared with 1.17 euro a year earlier. This has helped to lift the annual income from the basic state pension for people living in the eurozone by about 661.24 euro (about £529) in the space of a year, to 7,344.44 euro (about £5,881).
Prudential said that eurozone expat pensioners now receive 26% more in euro from their basic state pension than they did five years ago.
It said the latest available Government figures show that in November 2013 almost 445,000 UK expat pensioners receiving the state pension lived in a eurozone country.
Paul Fidell, an investment expert at Prudential, said: "The relative strength of the pound means that expat pensioners have effectively benefited from a pay rise over the last year."
But he cautioned: "Anyone considering retiring abroad should also be aware of the risks posed to their income by currency fluctuations and an unfamiliar tax regime."
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