Nearly 500,000 state pensioners will miss out on the triple lock boost in April. (Image: Getty)
Nearly 500,000 state pensioners will miss out on the triple lock boost in April. Under the current system, the will increase by 4.1% in a matter of weeks, but UK expats will be exempt from the rise. Labour’s ‘frozen pensions policy’ will prevent just under half a million expat pensioners from an extra £470 a year due to the banning of annual increases for retirees in certain countries.
On April 6, the basic will increase from £169.50 to £176.45 per week. The full new will rise from £221.20 to £230.25 per week. However, affected expats see their pensions permanently frozen at the rate when they first claim it. Approximately 453,000 British pensioners living overseas will be impacted by this policy, the End Frozen Pensions campaign says.
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Mark Carney is set to qualify for a UK state pension due to his years of service in Britain. (Image: Getty)
Former governor of the Bank of England and next Prime Minister of Canada, Mark Carney, is set to qualify for a UK due to his years of service in Britain.
However, under the ‘frozen pensions policy’, his payments may remain fixed at the initial rate he first claimed.
“We don’t imagine for a moment that Mr Carney will be reliant on whatever UK he might be entitled to,” Edwina Melville-Grey, Chair of End Frozen Pensions Canada, told GB News.
“However, we know for sure that many thousands of the affected UK state pensioners living in affected countries, including those in Canada, see their UK as a vital lifeline helping them through arduous times.”
John Duguid, Chair of End Frozen Pensions International now believes Mr Carney’s election could pose a diplomatic opportunity. He said more needs to be done to address the policy affecting thousands of pensioners.
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Approximately 453,000 British pensioners living overseas will be impacted by this policy (Image: Getty)
“Mark Carney as Canada’s Prime Minister paints the perfect opportunity to do so,” he added.
The campaign group hopes that the newly-elected Canadian PM will lead to progress due to familiarity with both country’s systems.
Mr Duguid told the news website: “The current political appetite surrounding trade and negotiations further reinforces the point that the cost to unfreeze pensions is extremely modest and will be an essential lifeline to many affected pensioners who are struggling to make ends meet.”