State pension payments are vital for millions of people who have reached retirement age. But the annual increases to the sum should not be taken as a foregone conclusion.
The triple lock, a measure which guarantees the sum rises by the highest of 2.5 percent, inflation or average earnings was temporarily suspended this year.
This was as a result of warped earnings data due to the pandemic, and perceived lack of affordability.
Instead, a double lock was implemented to provide pensioners with a 3.1 percent increase to their sum.
The measure, however, was temporary, and the Government has now confirmed the triple lock will make a return next year.
READ MORE: ‘Heartbroken’ woman breaks down in tears as she loses £20,000 in scam
If living in a country not covered by the state pension uprating policy, individuals could see their sum essentially “frozen” at the amount it was when they left the country.
The campaign group End Frozen Pensions has asserted this historical policy impacts 500,000 pensioners across the world.
Currently, there is only one way for Britons living in affected countries to uprate their state pension.
The Government website explains: “Your pension will go up to the current rate if you return to live in the UK.”
For some, however, this is not a feasible option, particularly if they have chosen to move overseas for a specific reason.
As a result, they will have to reckon with the fact their state pension will remain frozen.
Those who are concerned about their pension being impacted can find out more.
They can do so by contacting the International Pension Centre, which is likely to provide further guidance on the matter.
Previously, a DWP spokesperson told Express.co.uk: “We understand that people move abroad for many reasons and that this can impact on their finances.
“There is information on gov.uk about what the effect of going abroad will be on entitlement to the UK state pension.
“The Government’s policy on the up-rating of the UK state pension for recipients living overseas is a longstanding one of more than 70 years.
“We continue to uprate state pensions overseas where there is a legal requirement to do so.”
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
