State Pension payments could rise to £880 per month next year under the Triple Lock.
The Triple Lock will determine the level of uprating to be applied to the State Pension for the 2024/25 financial year and pays the highest between September’s Consumer Price Index inflation rate, earnings growth, or 2.5 per cent. The frontrunner for the uprating is currently earnings growth, which came in at 7.8 per cent for the period between April and June.
The CEO and founder of one of the world’s largest independent financial advisory, asset management and fintech organisations warned earlier this year that hundreds of thousands of Brits living abroad in retirement missed out on the State Pension uprating applied to the contributory benefit in April. Top Money Stories Today Commenting recently on the 2023/24 State Pension uprating, Mr Green said: “An estimated 500,000 retired Brits who live abroad will not receive any boost at all. Outrageously, they will continue to have their pensions frozen in value at the point of retirement date or date of emigration.
However, Mr Green explained that the majority of affected State Pensioners live in some of the biggest Commonwealth countries - such as Australia and Canada - and, despite paying taxes all their working lives in the UK, and National Insurance contributions in full, these Brits will miss out on the uprating.
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