Current affairs / Story
Pound reaches €1.1996 as pension value rises over year
At the European Central Bank reference rate, a £1,000 monthly UK pension converts to €1,199.60, which is €58.70 more than at the same point last year.
On Tuesday 3 November, the pound stood at €1.1996 at the European Central Bank’s reference rate. That was higher than both the previous week and the equivalent point a year earlier.
A week before, one pound was worth €1.1953. The latest rate was 0.43 euro cents higher. Compared with €1.1409 a year earlier, the increase was 5.87 euro cents.
What the rate means for a UK pension
At the reference rate, a monthly UK pension of £1,000 converts to €1,199.60. The same sum would have converted to €1,140.90 at the rate recorded a year earlier, a difference of €58.70 a month.
The 3 November figure was also the highest point in the pound’s range over the past year. During that period it moved between €1.1305, recorded on 14 November 2025, and the current €1.1996. Its average across the latest 30 trading days was €1.1830.
The European Central Bank figure is a reference rate rather than a guarantee of the amount paid into an account. Banks and transfer services use their own exchange rates and may charge fees, so the euros actually received for a pension or another sterling payment will differ from the reference calculation.
The comparison nevertheless shows how the value of a fixed sterling income has changed at the published reference rates. For a £1,000 monthly pension, the gap from a year earlier is €58.70 before any provider’s rate or charges are applied.
Source: European Central Bank.
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