Expats In Spain Demand Higher Pensions

With pensions frozen in Spain, Expats are fighting to have the basic state pension rate increased.

London, UK (Pryce Warner International) November 16th, 2011 – Several Expats in Spain have set up the organisation British Pensioners Abroad (BPA) which aims to ensure Expat pensioners are treated fairly.

At present pensions for British Expats are frozen in over 150 countries around the world, including Spain and Portugal, meaning that they remain at the same level as when they were first drawn. The effects of inflation mean that some British pensioners are receiving as little as a few pounds per week.

The BPA is currently pressuring the government to change this to a non-means tested pension of £174 per week. This would bring the pension rate in line with most other European countries, who at present spend almost double on pensions compared with the UK.

The current state pension is £102.15 per week, which is according to Expats is well below the amount needed to stay out of poverty when the cost of currency fluctuations is factored in.

One of the key points the BPA is trying to present is that in the long-term it will be much cheaper to increase the basic pension rate than to have to deal with the cost of caring for pensioners should they be forced to return to the UK.

Though the government recently announced plans to up the basic pension rate to £140 per week, it is not yet clear if this will apply to all retirees or only new ones. The BPA is campaigning to ensure that all current retirees receive the same pension rate.

David Harra, a Senior Market & Investment Analyst with Pryce Warner International, a Financial Services Provider for Expats, commented: “This is yet another example of the British government failing to protect the interests of Expats. The broader of issue with frozen pensions rates needs to addressed immediately as it is creating a dangerous situation for man retired Expats who can no longer afford to live within their means. This example in Spain is particularly important as it highlights the recent effects that the global recession has had on this issue. We wholly support the BPA in their campaign to ensure no retired Expat is forced to live in poverty.”

Pryce Warner International Group provide International Asset & Investment Management, Independent Financial Advice & QROPS Overseas Pensions.

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By: Aneil Fatania
Financial Editor
Pryce Warner International Group
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