The annual State Pension uprating next April looks set to be determined by the earnings growth measure of the Triple Lock after new figures were published by the Office for National Statistics (ONS) earlier this month.
Under the Triple Lock 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, Consumer Prices Index (CPI) in the year to September, or 2.5 per cent.
CPI for July came in at 2.2 per cent while average earnings growth for the three months to June fell from 5.7 per cent to 54.5 per cent - but it’s still the current leading measure of the Triple Lock.
While the new State Pension rates won’t be confirmed until the Autumn Budget, it’s of little comfort to nearly half a million pensioners who will not receive any uplift.The International Consortium of British Pensioners (ICBP) advocates on behalf of around 453,000 expats affected by ‘frozen pensions’ and is behind the ‘End Frozen Pensions’ campaign, which aims to “end the injustice” for Brits who have moved abroad whose State Pension does not rise in-line with the Triple Lock every April.In fact, many retirees now living in countries which do no have a reciprocal agreement with the UK such as Canada, Australia and New Zealand, have seen their State Pension frozen at the point of emigration.This is despite having worked and lived in the UK for most of their lives and paid their quota of National Insurance Contributions, which would entitle them to State Pension payments - if they had not relocated.You need at least 10 years’ worth of National Insurance Contributions to be eligible to claim the State Pensions and around 35 years for the full amount, although this may be
Read more on dailyrecord.co.uk
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