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State Retirement Pensions: Overseas Residence

Volume 487: debated on Monday 26 January 2009

To ask the Secretary of State for Work and Pensions what assessment he has made of the effect of recent exchange rate fluctuations on UK pensioners resident abroad. (248820)

Pensions paid to UK residents abroad are always subject to fluctuations in exchange rates which means that the local purchasing power of the state pension can go up and down.

All economies are vulnerable to the effects of global financial markets. While the Government understands the difficulties current exchange rates are causing for some pensioners who choose to live abroad, no assessment has been made of the effect of recent exchange rate fluctuations on UK pensioners resident abroad.