State pension warning: Half a million Britons to MISS OUT on rise in payments this year

Half a million people are set to miss out on a rise in their pension payments this year, experts have warned.

From April payments will rise by 10.1 per cent but not for all Brits.

In Jeremy Hunt’s Autumn Statement he announced that the triple lock would be protected despite many questions around how long it could be sustained.

Hunt said the Government will fulfil its pledge to protect the triple lock, meaning that the state pension will increase in line with inflation.

The full new state pension is currently £185.15 per week – so a 10.1 per cent increase would push that figure up to £203.85.

For those on the full, old basic state pension, who reached state pension age before April 2016, the increase means a weekly rise from £141.85 to £156.20.

Speaking to the Liverpool Echo, Nigel Green from deVere Group warned that many will not received a rise in their payments.

He said: “Clearly, [the rise] is good news for many retirees as it could mean a financial boost of around £1,000 a year. However, not everyone will benefit. 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. Having a frozen pension means that your retirement income falls in real terms year on year due to inflation, and never has this been more true than as the cost of living has soared.

“The majority of affected pensioners live in some of the biggest Commonwealth countries, such as Australia and Canada. Despite paying taxes all their working lives in the UK, and the national insurance in full, these Brits will completely miss out on the rise given to others.

“It seems completely unjust that someone living in the US will receive an extra £1,000, yet someone just across the border in Canada, in the same situation, will not.”

It comes as others have warned that the annual income people will need for a minimum standard of living in retirement has jumped by nearly a fifth in the space of a year.

The Pensions and Lifetime Savings Association said the cost of a minimum lifestyle has increased from £10,900 in 2021 to £12,800 in 2022 – or 18 per cent – for a single person and from £16,700 to £19,900 – or 19 per cent – for a couple.