Barrybriggs

Do any of you rely on the British pound while living overseas? It has been fallig since Britain decided to leave the EU. It makes receiving the British pension overseas less worthy. The pension has now fallen somewhat.

Perth

I am so sorry to hear how this has affected your pension. In our case, it is working the other way. When we make our spouse visa application from the USA it will be much less expensive.

not2old

strengthening pound (GBP) or weaker currency in the country that you live, whether its Japan, OZ, NZ, USA or Canada, makes for less local currency exchanging from GBP to whatever

OP, Japan for example almost 50% of the FX rate in 2015, now getting to the 2012 rates. Back in 2007 the GBP/YEN was a great exchange rate at more than double what it is today

I see for most counties the current GBP exchange rate are closing in on the 2010 to early 2013 rates for most currencies

Good if someone is going the other way

Wouldn't it be great for expats living in USA if the exchange rate was 1:1, or for those in OZ or Canada if it went below 1.50:1 wanting to return back to the UK or vacation





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aries

My Australian pension is increasing being paid in pounds, so I'm pleased with this. It is still lower than it was 4 years ago which has been aggravating during this time, but for me it is now moving in the right direction.

BristolUK

There are many of us with UK sourced incomes, but maybe not so many with wholly UK incomes (other incomes, partner incomes etc).

I began drawing my civil service pension in 2007 and it was frozen for the first 5 years, during which time it lost more than a quarter of it's value thanks to the falling £.

After 5 years I got the new amount as if I'd had the annual rises (but with no back pay) and the new amount was up by 28%. It almost took me to the amount of $Can I used to get.

I did have Canadian income too though.

scot47

Is this the time of the "gathering-in of the exiles" ? As £ pensions are worth less in foreign countries will Brits pack up and come home rather than live on a falling income ?

Novocastrian

Almost certainly not. Although since my pension incomes are overwhelmingly sourced in C$ and euro, I don't give a damn. (For the moment, I know about swings and roundabouts).

Editha

A falling pound will inevitably mean that some pensioners with retirement pension mostly or entirely in ££ will not be able to afford to continue living abroad. Additionally, those in the EU will have the additional worry of uncertainty over their residency status after Brexit.

macadian

Swings and roundabouts I guess. I was impacted pretty hard on the exchange rate pound V Canadian dollar after the 2008 recession, as my entire income was from UK pensions. So much so I had to seek employment here in Canada to make up the shortfall on the exchange. Retired (again) July 2015 by which time exchange rate had improved considerably. Now, thanks to the 'Brexit' vote in June, pound is once more struggling. Not as bad as 2008 as the Canadian Dollar is much weaker than it was in 2008, but still hurts. I will still be able to afford to stay in Canada but costs on a monthly basis are being monitored closely, 'need' rather than 'want' being the deciding factor on our expenditure. Determined not to have to go back to work, even if I could find something at my age, (going on seventy). I can but hope things stabilize over the coming year or two. Now living in Canada as a Canadian citizen, residency is not an issue and I do have the option of returning to the UK to live, an option that I do not realistically envisage at all.

Novocastrian

At the end of 2008 (the low point for that year) , the exchange rate was about 1.85, it's now about 1.63.

You should pay more attention.

BristolUK

No idea of your circumstances, obviously, and everyone's ideas of needs etc are different.

But I take it you are aware of Old Age Security that may pay something if you've live in Canada a minimum 10 years (and may also lead to GIS). It's nothing like as invasive a process as one might expect, purely awarded based on income in the same way you'd report on your tax return.

My mother in law gets it and does very well out of it.