A number of elderly expats are returning home due to the weak pound, recent research has revealed.
According to research conducted by currencies.com, a currency broker, there has been a 28 percent increase in the amount of retired UK expats who have decided to move back to the UK.
The problem seems to lie with pensions, as many British expats abroad are still receiving their fund in pounds via UK pensions. Due to the current poor state of the pound this is leading the the retirees being short of money in their new homes, and thus feeling forced to return home to the United Kingdom.
Expat pensioner MR Paul Ripley said: Mr Ripley said: "A combination of the exchange rate and the economic crisis has meant that we have lost a hell of a lot of money. The catch is we can't really afford to stay and we can't afford to buy back home.”
However, there is an option for British expats who want to retire abroad and not receive their pension in pounds- the QROPS. A special type of pension transfer, the QROPS allows its holder to transfer their pension pot offshore, in another currency and also with tax benefits, learn more about QROPS here.