Expat OAPs see £400 a month wiped off their incomes after sharp slump in the pound following Brexit vote 

  • Pensioners in countries such as Spain are feeling the pound's slump
  • One elderly man revealed he was £440 worse off this month
  • The pound has fallen dramatically against the euro since the Brexit vote

By Sanchez Manning for The Mail on Sunday

Published: | Updated:

British pensioners living abroad have seen as much as £400 a month wiped off their incomes as a result of the Brexit vote.

Some 1.2 million Britons live outside the UK and claim a state pension, with 400,000 residing elsewhere in Europe.

Many will also be drawing a pension from a private scheme.

But those who receive their payments in sterling are now worse off due to the sharp slump in the pound after last month’s referendum.

The fall of the pound since the EU referendum vote last month is hurting pensioners living in Europe

The fall of the pound since the EU referendum vote last month is hurting pensioners living in Europe

Many British pensioners in Spain, of which there are around 100,000, say they have been badly hit.

The pound has fallen by almost 10 per cent against the euro and 12 per cent against the dollar since the EU vote on June 23.

One elderly man revealed on a dedicated Facebook group for expats in Spain that he was €533 (£440) worse off this month than last.

Pensioners living in countries such as Spain, where about 100,000 Brits live, receive their pensions in pounds before paying for expenses in the euro currency

Pensioners living in countries such as Spain, where about 100,000 Brits live, receive their pensions in pounds before paying for expenses in the euro currency

Tom McPhail, of investment firm Hargreaves Lansdown, said a slowdown in the UK economy could cause further worry for expat pensioners.

Pamela Symons, 67, said that she and her partner had lost £200 a month and were considering selling their home in Marbella.

She added: ‘After working really hard for my retirement, I just feel that I’ve been lumbered.’ 

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