I have read a couple of reports on that. It would be at a fixed/pre-set rate that would not take into account the present exchange rates which give us a few bob more. I am happy enough getting it directly paid in to my bank using standard exchange rates from sterling. What they say about bulk buying currency makes very little difference at present, for them perhaps but a very few €s for us. Fair enough if the rate goes down like a rock, it seems they would ensure us a minimum but that seems like a contradiction when the pension rate is fixed. My intuition is to not trust what they are saying. I may be wrong but on the track record of the DWP over recent years, better safe than sorry seems best.