Specific group of older people set to miss out on new State Pension pay rates starting in April
dailyrecord.co.ukMillions of people claiming their State Pension can look forward to a bumper income boost this year when payments rise by 8.5 per cent from April 8, 2024.
Under the wages growth measure of the Triple Lock policy, those on the full New Sate Pension can expect an annual increase of £902, while those on the full Basic (or Old) State Pension will see an uplift of £692).
However, while the annual uprating will be a welcome relief for more than 12 million pensioners across the UK during the ongoing climate of economic uncertainty, a specific group of nearly 500,000 older people will not qualify for any increase to their payments - even though they have accrued the required amount of National Insurance contributions before taking retirement.
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 are missing out on the annual uprating because their State Pension has been frozen since they moved permanently overseas.
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