Nearly half a million older people due to miss out on annual State Pension pay rise next April
dailyrecord.co.ukMillions of people over State Pension age will see their weekly payments rise by 4.1 per cent next April under the Triple Lock.
The policy ensures that the New and Basic State Pensions increase each year in-line with whichever is the highest between the average annual earnings growth from May to July (4.1%), Consumer Price Index (CPI) inflation rate in the year to September (1.7%), or 2.5 per cent.
Chancellor Rachel Reeves will confirm the uprating during the Autumn Budget, however, Labour has pledged to honour the Triple Lock for the next five years which means pensioners will see payments rise to up to £921 a month from April.
But nearly half a million State Pensioners will not receive the annual uplift next year. Some 453,000 pensioners will miss out on increased payments because they have chosen to spend retirement abroad in a country that does not have a reciprocal agreement with the UK Government.
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