Hundreds of thousands of older people living overseas are set to miss out on the financial boost from the return of the State Pension Triple Lock, warns the CEO and founder of one of the world’s largest independent financial advisory, asset management and fintech organisations.
The warning from Nigel Green, of deVere Group, which has more than 80,000 expat clients, comes ahead of the annual uprating on Monday, April 10 which will see the New and Basic State Pension increase by 10.1 per cent. The Triple Lock policy is a UK Government commitment to uprate State Pensions annually by the highest between inflation, average earnings, or 2.5 per cent.
It means those on the full New State Pension will see payments increase from £185.15 per week to £203.85 and those on the Basic State Pension will see weekly payments rise from £141.85 to £156.20. However, it's important to be aware that how much someone receives depends on the amount of National Insurance contributions they have made.
