State pension will be looking forward to Monday, April 10, as their payments will increase. Under the triple lock, the state pension will rise by 10.1 percent in line with September 2022’s CPI inflation figure.
However, the rise is not guaranteed, and shouldn’t be seen as a foregone conclusion, as hundreds of thousands are set to miss out.
This is because of a long-standing rule which sees many pensioners who move abroad missing out on annual rises.
The state pension will only increase for individuals who are living in eligible areas.
These are as follows:
- The UK
- European Economic Area (EEA)
- Countries with a social security agreement with the UK – but not Canada or New Zealand.
If pensioners do not live in these areas, they will not benefit from the state pension increases.
Instead, they will see their sum frozen at the level it was when they decided to depart from an eligible nation.
The affected overseas pensioners will be losing up to £6,000 this year as a result of the so-called ‘frozen state pension’ policy, according to the campaign group End Frozen Pensions.
Sheila Telford, chair of the International Consortium of British Pensioners (ICBP), said: “This year’s uprating will be a welcome rise in UK pensions for many pensioners.
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“However, we are frustrated that the UK Government has, yet again, ignored our pleas to help half a million of its pensioners which are currently being excluded on the basis of living in the ‘wrong’ country. Many are facing increasing financial struggles as the cost of living crisis continues.
“These are pensioners who worked in the UK, contributing to the economy throughout their working lives, and they deserve to have their state pension uprated just like other pensioners.
“They paid the same contributions as the other 96 percent of British pensioners but they are treated with utter contempt by the Government.
“We hope the Government will reflect on this policy and engage in future discussions to end this injustice which is hurting the wellbeing of many British pensioners.”
Last year, 61 MPs and peers from across the political spectrum signed a letter calling for an end to the frozen pensions policy.
A Government spokesperson recently told Express.co.uk: “Our priority is ensuring every pensioner receives the financial support to which they are entitled.
“We understand that people move abroad for many reasons and we provide clear information about how this can impact on their finances.
“The Government’s policy on the uprating of the UK state pension for recipients living overseas is a longstanding one of more than 70 years and we continue to uprate state pensions overseas where there is a legal requirement to do so.”
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What are the 2023/24 state pension rates?
The full new state pension will rise from £185.15 to £203.85 weekly. Some may get less if they were contracted out before April 6, 2016.
The old, basic state pension will rise from £141.85 to £156.20 per week.
The married woman’s, or Category B, basic state pension will increase from £85.00 to £93.60 a week.
The Category C or D non-contributory state pension will also rise from £85.00 to £93.60 weekly.
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