Pension

UK pension: Thousands of retired Brits will not benefit from any pension uplift


While millions of pensioners could receive a substantial pension increase in April, an estimated 500,000 will not qualify for the boost to their payments as they live abroad.

The level of uprating to be applied to the State Pension for the 2024/25 financial year will be determined by the Triple Lock. This means the highest amount out of the following will be given: September’s Consumer Price Index (CPI) inflation rate, earnings growth or 2.5 per cent.




The leader of the uprating is currently earnings growth, which came in at 8.5 per cent (including employee bonuses) for the period between May and July. The latest CPI inflation rate for the 12 months to September is 6.7 percent. However, it seems increasingly unlikely that this could end up rising beyond the wages growth figure of 8.5 per cent.

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Millions of pensioners could receive another substantial increase in April as a result, following this year’s uprating of 10.1 per cent. However, an estimated 500,000 older people will not qualify for any boost to their payments, the Daily Record reports.

The CEO and founder of one of the world’s largest independent financial advisory, asset management and fintech organisations warned earlier this year that hundreds of thousands of Brits living abroad in retirement missed out on the State Pension uprating applied to the contributory benefit in April.

Nigel Green, of deVere Group, said that an estimated 500,000 older people will “continue to have their pensions frozen in value at the point of retirement date or date of emigration”.



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