British expats pension hit by up to 47pc

[Bangyai]

Research by Equiniti, which oversees pension payments to 50,000 Britons abroad, has disclosed a league table of the expats worst hit by the pound's decline.

Expats in Australia have seen the biggest decline in their pension buying power

By Andrew Oxlade

10:27AM BST 04 Apr 2013



A decade of a weakening pound has left many pensioners living abroad with up to 50 per cent less buying power from their retirement income now than when they first retired.

Statistics compiled by Equiniti, one of the UK’s largest pensions administrators which oversees work pension payments to more than 50,000 expats, show that those in the eurozone have lost 22 per cent of their buying power due to swings in currency markets while those in Australia have felt the greatest decline, at 47 per cent.

The study underlines the decline of the pound over the past decade and how, on a global level, it has reduced the wealth of Britons.

The policies of the Bank of England in recent years, in particular, have put pressure on sterling.

The Bank's policy of ultra-low interest rates and electronic printing via quantitative easing have weighed heavily on the currency.

A weaker pound, the theory goes, helps make British exports more competitive and boosts the economy.

Many of the payments handled by Equiniti, which has compiled the figures for the top ten most popular expat destinations, are for former public sector workers who, it said, receive an average pension of around £5,600 a year.
The largest proportion of these - 12.5 per cent of the 50,000 pensioners - has retired to the eurozone. Someone who retired in 2003 with a £5,000 pension would bring in just under €7,300 ten years ago, while the same would now only buy €5,692.
In Australia, where the currency has strengthened largely due to a boom in natural resources prices of which the country is a major producer, the pension will only buy (AUS)$7,253 compared to (Aus)$13,625.


But expat pensioners in South Africa and Jamaica have both seen an increase in the buying power of their pension.
Keith Boughton, director of Equiniti Paymaster, said; “Ten years ago the value of sterling was significantly higher than it is today, and those emigrating abroad for their retirement enjoyed considerable value from their pension.
"A plummeting pound has left many expat pensioners unable to make ends meet and struggling to find other ways to protect the value of their pensions."

British expats pension hit by up to 47pc - Telegraph

( To see a clear graph of Thailands position, click on the link. The % change over 10 years is -36% . )

[withnallstoke]

A weaker pound, the theory goes, helps make British exports more competitive and boosts the economy.

What exports?

[Fluke]

A weaker pound, the theory goes, helps make British exports more competitive and boosts the economy.

What exports?

Pensioners?

[alwarner]

A weaker pound, the theory goes, helps make British exports more competitive and boosts the economy.

What exports?

\

Pensioners by the sound of it.

[Exige]

Jamaica not too shabby, pound strengthen 66% over a decade!

[ltnt]

Nigeria is not mentioned, Why?

[Fluke]

Nigeria is not mentioned, Why?

Any reason why it should be mentioned?

[leemo]

A weaker pound, the theory goes, helps make British exports more competitive and boosts the economy.

What exports?

expats

[Seekingasylum]

Jamaica not too shabby, pound strengthen 66% over a decade!

To live there one would require real security involving 24 hour armed personal protection. Factor that into the equation and costs are incurred to a degree that obviates any £ appreciation.

[Seekingasylum]

Nigeria is not mentioned, Why?

Because it's such a pestilential shithole half the fucking population is trying to get out and only a cretin would migrate there.

[withnallstoke]

I'm thinking of moving to Nigeria.

[lom]

A weaker pound, the theory goes, helps make British exports more competitive and boosts the economy.

What exports?

ball locks

[ltnt]

I'm thinking of moving to Nigeria.

You won't be disappointed. Lots of beer, women and dodgy places to visit. Great food as well just don't ask what it is. Free thinking people as long as you don't think to much. (Sounds Thai like) Lots of UK workers there and numerous UK citizens living off their UK pensions and dole payments. Gent is just jealous he hasn't thought of it sooner. This is when he tells us he's been there and back, no need to discuss it.

[steve down under]

Had a mate over from the UK a few weeks ago he nearly died of shock when he worked out that what he paid for a 50gram pouch of Tobacco AU$38 was equivelant to 25 quid by the time he went home he had just about given up smoking !

[wasabi]

I'm thinking of moving to Nigeria.

Any black country where a white lives,the white is a target for being robbed. 24 hr secuirity. Blacks see whitey as a walking ATM.Go live there and keep us posted.