Some retirees could be forced to return to the UK after the dramatic drop in the value of sterling after Brexit voteThe dramatic fall in the value of sterling has dealt a heavy blow to hundreds of thousands of older Britons living abroad who depend on a UK pension. If the pound doesn’t recover its losses, they will suffer a major hit in purchasing power, which may force some to return home. Earlier this week, UK pensioners living in the US, Australia and Canada were in effect 8 to 10% worse off, though the pound later regained some ground.John Markham, 83, who moved to Canada more than 30 years ago, gets a UK basic state pension of £260 a month, which he receives in Canadian dollars after it is converted from sterling. On the day of the referendum his pension payment would have been C$488, but by Friday this week the figure stood at C$451 – a near-8% fall. If he had been living in the US, Australia or Spain and in receipt of the local currency, the fall would have been 9.3%, 8% and 7.5% respectively. Continue reading…
Source : theguardian.com
Read more…Falling pound hits British pensioners living overseas
