Due to the current economic crisis, currency fluctuations are causing increasing concern for British expatriates hoping to secure a retirement income in Spain.

Because pension income is paid in sterling, it may vary from month to month as the exchange rate changes.

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Tom McPhail, a financial adviser at Hargraves Lansdown recently told the press "This happens to be a key issue. If you're lucky, the currency movement could increase your spending power, however it could also go the other way, which would lead to catastrophic consequences."

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There can be minimal damage via a specialist currency exchange, which helps to avoid exorbitant exchange rates and transfer charges.

High street banks charge up to ?30 for a single transfer and a specialist exchanger broker can allow you to fix your own exchange rate for up to 24 months to guard against fluctuations.