UK - British citizens living abroad could be losing more than £300m from their pensions every year through bank charges and fluctuating exchange rates, foreign exchange broker HIFX claimed. Over a million pensioners now lived abroad and were being subjected to bank charges of up to £30 in order to claim pensions from the UK. That was compounded by the fact many overseas banks charged average receiving charges of 0.4% of the total value of the monthly pension, meaning pensioners were typically paying £300 in bank charges and fees yearly.
Furthermore, any pension payments which retirees are being paid from the UK are subject to fluctuating exchange rates meaning the value of their pension can go up and down continually throughout the year.
Retirees living in South Africa faired the worst, forfeiting around 20% of the average weekly state pension, HIFX claimed.
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