Expats: avoid costly pension transfers

The weaker pound has been bad news for expats living in the European Union. David Prosser explains what that means for pensions.

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Honey, Brexit shrunk my pension
(Image credit: Copyright (c) 2006 Rex Features. No use without permission.)

The dramatic fall in the value of the pound since the UK voted to leave the European Union in June has been bad news for expatriates drawing UK pensions. Six months ago, a US-based expatriate drawing a £2,000-a-month pension built up in the UK was getting $2,940 once the income was converted into dollars. Today, the pension is worth only $2,500 almost 15% less.

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David Prosser
Business Columnist

David Prosser is a regular MoneyWeek columnist, writing on small business and entrepreneurship, as well as pensions and other forms of tax-efficient savings and investments. David has been a financial journalist for almost 30 years, specialising initially in personal finance, and then in broader business coverage. He has worked for national newspaper groups including The Financial Times, The Guardian and Observer, Express Newspapers and, most recently, The Independent, where he served for more than three years as business editor.