Half a million people on State Pension could see payments frozen this year

dailyrecord.co.uk:

The CEO and founder of one of the world’s largest independent financial advisory, asset management and fintech organisations has said that hundreds of thousands of Brits living abroad will miss out on the annual State Pension uprating which is due to be paid in full for the first time this month.

Nigel Green, of deVere Group, warns 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".State Pension, along with other benefits delivered by the Department for Work and Pensions (DWP) increased by 10.1 per cent on April 10 as part of the Triple Lock agreement, however, payments are made four weeks in arrears so the full uprating would not have been seen in payments until after May 16.

Payments made before this date may have contained a mix of old and new weekly rates. This means, for the 2023/24 financial year, those on the full New State Pension will receive weekly payments of up to £203.85 and those on the Basic State Pension will receive up to £156.20 per week.

However, it's important to be aware that how much someone receives depends on the amount of National Insurance contributions they have made.