I've been given the option to be paid in GBP or Euros, at the rate on 1st Jan; 1.12.
So say my pay is 1000pm, that will be converted and paid to me at 1.12 = 1120pm euros. Regardless of what the current rate is.
If I stay as GBP then I can convert it myself at whatever the fluctuating rate is, and what the conversions are being given out as.
When I've done my conversion each month, I've never seen the rate drop below 1.11.
What would you do?