Around 500,000 older people may not qualify for any boost to their payments
Thousands of older people will not qualify for a boost to their payments for the 2024/25 financial year. The level of uprating to be applied to the State Pension for the next financial year is decided by the triple lock.
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".
“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.” If the government chooses to uprate State Pensions using the lower wages growth figure next April , then it would see millions of pensioners miss out on an extra £75 in 2024. However, any attempts to amend or break the Triple Lock ahead of a general election could be costly for the Conservative Party.
Danmark Seneste Nyt, Danmark Overskrifter
Similar News:Du kan også læse nyheder, der ligner denne, som vi har indsamlet fra andre nyhedskilder.
Specific group of older people will not get new State Pension rates next AprilThe final measure of the State Pension Triple Lock for the 2024 uprating is set to be announced on October 18.
Læs mere »
New State Pension uprating next April could see more older people paying taxThe number of people over 65 who pay income tax has risen from 7.73million to 8.5million.
Læs mere »
New State Pension payments from next April could see more older people pay taxThe number of people over 65 who pay income tax has risen from 7.73million to 8.5million.
Læs mere »
Older women could be due State Pension back pay worth an average of £5,000Women who stayed home with their children between 1978 and 2010 could be due State Pension back payments.
Læs mere »
New State Pension weekly pay rates from April could be set out this weekThe September CPI inflation rate will be announced on Wednesday and is a key measure of the Triple Lock.
Læs mere »
People of State Pension age can boost their income 18 ways before this year endsMore than a dozen ways people of State Pension age can boost their income before New Year.
Læs mere »