Mallorca living: British expats advised to watch their pensions: It would appear that the government is reneging on the triple lock

It would appear that the government is reneging on the triple lock

Some British expat pensioners could be in for a shock. | GEMMA ANDREU

Humphrey CarterPalma14/08/2024 09:50

A senior Tory MP, one of the few remaining in parliament, told the Bulletin on Tuesday night, that the new Labour government is “is reneging on the triple lock (are you surprised?) in which case it will impact upon all - including ex- pats - in receipt of UK state retirement pension if they have previously been updated ( some are already frozen of course)

“But, having looked into this it appears to be based upon the impact of the earnings figures element of the formula and is not the direct result of a change in government policy. Only in the sense that they may get less than the increase that they were hoping for next year but that is as a result of the way that the triple lock formula works. Percentage increases can go down as well as up!”

So, expats would be well, advised to check their position and how and if any change in government policy will impact them going forward because according to experts, hopes that they would get a bumper £655 pay rise in April 2025 appear to have been dashed by new figures published today. Now they’re likely to get £11.50 a month less than anticipated.

State pension payments could rise to £935 a week from April next year, but over 500,000 pensioners will miss out on this boost. Under the triple lock, the state pension increases each year in line with either the rate of inflation in September, average earnings for May to July or 2.5 per cent; whichever is the highest.

However this does not happen for those living overseas unless they are living in a country which has a reciprocal agreement with the UK. Nearly 21,000 people have signed an online petition calling for an end of frozen pensions for retirees living in a country which does not have a reciprocal agreement with the UK Government.

These pensioners feel robbed as they have paid the maximum number of National Insurance qualifying years during their working life, but still don’t receive the maximum state pension payments.
The International Consortium of British Pensioners advocates on behalf of around 450,000 expats affected by ‘frozen pensions’ and is behind the ‘End Frozen Pensions’ campaign, which aims to “end the injustice” for Britons who have moved abroad whose state pension does not rise in-line with the Triple Lock every April.

For further information:

https://web.evoluhcion.es/Noticia/126429