State pension warning as 520,000 Britons set to miss out on upcoming boost – will you?
STATE PENSION payments are set for a bumper boost in line with soaring inflation next year, but 520,000 people will miss out.
State pension payments are valued by millions of people as security in retirement. Many are reliant on the sum increasing by the triple lock mechanism which is the highest of 2.5 percent, inflation or average earnings.
However, the increase is not guaranteed for everyone as there are eligibility rules to bear in mind.
These specifically relate to where a person decides to live, as this can impact the increases they can secure.
The state pension only increases in the following places:
- The UK
- European Economic Area (EEA)
- Gibraltar
- Switzerland
- Countries with a social security agreement with the UK (but not Canada or New Zealand).
Living in other countries means individuals will miss out on the annual uprating of the state pension.
This is true even for those who live in Commonwealth nations – former British colonies, of which many have close ties to the UK.
The End Frozen Pensions Campaign has described the policy as “unfair” to the hundreds of thousands of people who are affected.
Taking to Twitter, the campaign stated: “It is cruel and unfair to deny pensioners payment increases because they live in the ‘wrong’ country.
