It has been described as a scandal
The head of a large financial advisory company says hundreds of thousands of expat pensioners could be missing out on a financial boost. The CEO and founder of the deVere Group says many of his clients could be excluded from the return of the state pension triple lock.
The Government is preparing to reintroduce the triple lock in April, which will see the new and basic state pension go up by 10.1 percent. The triple lock policy is a UK Government commitment to uprate state pensions annually by the highest between inflation, average earnings, or 2.5 percent, the Daily Record reports.
It means those on the full new state pension will see payments increase from £185.15 per week to £203.85 and those on the Basic State Pension will see weekly payments rise from £141.85 to £156.20. But Nigel Green, the deVere CEO, 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.
Retired expats in the European Economic Area will continue to receive annual increases to their State Pensions under the triple lock scheme, as will those in a host of other countries including the United States, the Philippines and Turkey.
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