- Tuesday, 20 October 2009A number of retired UK expats living in Europe could soon be seeking information on
individual voluntary agreements (IVAs) as a result of depreciated monthly pension values.
According to figures from HiFX, the average monthly pension income for a Briton living in Europe has fallen by over 270 euros since January 2007.
The significant drop in income could result in those without additional savings struggling to cope with their regular outgoings.
Mark Bodega, director at the currency specialists, said that the retired expat demographic was among the worst-hit in the recession.
He commented: "In the current economic slowdown everyone is feeling the pinch. However Brits living in Europe and receiving a fixed income in sterling are being hit particularly hard."
Mr Bodega went on to blame "unprecedented volatility" in the currency markets for the depreciated sterling value.
According to HiFX, over one million Britons currently live abroad and claim a state pension.
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