Half a million older people will not get new State Pension payment rates starting in April

dailyrecord.co.uk:

Hundreds of thousands of older Brits living abroad are going to miss out on the financial boost from the return of the State Pension triple lock, warns the CEO and founder of one of the world’s largest independent financial advisory, asset management and fintech organisations.The warning from Nigel Green, of deVere Group, which has more than 80,000 expat clients, comes as the UK Government prepares to reintroduce the triple lock in April, which will see the New and Basic State Pension increase by 10.1 per cent - the September Consumer Price Index rate (CPI).

The triple lock policy is a UK Government commitment to uprate State Pensions annually by the highest between inflation, average earnings, or 2.5 per cent.It means those on the full New State Pension will see payments increase from £185.15 per week to £203.85 and those on the Basic State Pension will see weekly payments rise from £141.85 to £156.20.The deVere CEO said: “Clearly, this is good news for many retirees as it could mean a financial boost of around £1,000 a year.” But he warned that not all State Pensioners will benefit from the double digit uprating.Mr Green explained: “An estimated 500,000 retired Brits who live abroad will not receive any boost at all.

Outrageously, they will continue to have their pensions frozen in value at the point of retirement date or date of emigration.“Having a frozen pension means that your retirement income falls in real terms year on year due to inflation - and never has this been more true than as the cost of living has soared.”Retired expats in the European Economic Area (EEA) will continue to receive annual increases to their State Pensions under the triple lock scheme, as will those in a host of other countries including