Thousands of Brits living abroad in retirement have missed out on the 10.1% State Pension uprating
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 10.1% 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".
The Triple Lock policy was introduced by the Coalition Government in 2010 to ensure that the State Pension rises in line with the greater of the September’s CPI inflation rate, earnings growth, or 2.5 per cent. The latest CPI inflation figure is due to be announced by the Office for National Statistics on July 19, and it’s an important one to watch out for as the CPI for May was a non-mover at 8.7%.
“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.” He said: “It seems completely unjust that someone living in the USA will receive an extra £1,000, yet someone just across the border in Canada, in the same situation, will not.”
The latest expenditure figures from the DWP show that the State Pension cost the UK Government an estimated £112.5 billion to deliver in 2022/23 and is forecast to rise to £139.5bn in 2027/28, in real terms. However, in nominal terms the estimated increase is more - from £109.7bn to £147.2bn. He explained: “Both Conservatives and Labour have pledged a commitment to the Triple Lock in their manifestos for the upcoming general election. And the policy of the current UK Government is to keep the personal allowance frozen until at least 2027/28 at £12,570, with no indication of an alternative policy from Labour.
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