Current affairs / Story
Pound at €1.1965 as UK pension value rises for Spain residents
The European Central Bank’s 2 November reference rate puts a £1,000 monthly UK pension at €1,196.50, €62.20 more than the same amount converted a year earlier.
The pound stood at €1.1965 against the euro at the European Central Bank’s reference rate for Monday 2 November. That was 0.35 euro cents more than a week earlier and 6.22 euro cents more than a year before.
What the rate means for a pension
At the reference rate, a monthly UK pension of £1,000 converts to €1,196.50. A year earlier, the same amount converted to €1,134.30, a difference of €62.20 a month.
The rate has moved within a range over the past year, from €1.1305 on 14 November 2025 to €1.1993 on 30 October. Its average over the latest 30 trading days was €1.1819.
Banks and money transfer services set their own exchange rates and charge fees, so the amount received can differ from the European Central Bank reference-rate calculation.
Source: European Central Bank, reference rates, 2 November 2026.
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