Latest news with #AnnePuckridge
Wales Online
2 days ago
- Business
- Wales Online
State Pension uprating won't be paid to almost half a million people
State Pension uprating won't be paid to almost half a million people The UK State Pension is subject to an annual uprating, which sees the amount people receive increase each year Around 453,000 people will not get new State Pension payments during 2026/27 (Image: Getty ) The most recent data from the Office for National Statistics (ONS) suggests that the annual State Pension uprating is set to be determined by earnings growth, currently standing at 5% (excluding bonuses), while the latest Consumer Price Index (CPI) inflation rate is at 3.6% Under the Triple Lock policy, State Pensions increase each year in line with whichever is the highest of average annual earnings growth from May to July, CPI in the year to September or 2.5% However, while millions of pensioners across Great Britain can anticipate a rise in payments in April next year, nearly half a million people over the state pension age will not be eligible for the increase. State pension uprating refers to the annual increase in the amount of state pension payments, usually implemented in April. The increase is determined by the "triple lock" mechanism, which ensures that pensions rise by the highest of the following: The increase in average earnings The increase in the Consumer Price Index (CPI) (inflation) Or 2.5%. Article continues below But it's estimated that 453,000 pensioners are living in a country which lacks a reciprocal agreement with the UK Government, resulting in them not receiving the annual State Pension uprating. This is despite having made the necessary National Insurance Contributions to qualify. For money-saving tips, sign up to our Money newsletter here Despite the vigorous campaigning efforts of the 'End Frozen Pensions' campaign - which includes an online petition signed by thousands of supporters, a visit to Parliament by 100-year-old Second World War veteran Anne Puckridge, and ongoing appeals to the UK Government to review the policy - many expats are receiving a significantly smaller State Pension than those residing in Scotland, England, Wales or Northern Ireland, reports the Daily Record. Campaigners had been optimistic that the appointment of former Governor of the Bank of England, Mark Carney, as Canadian prime minister, would initiate a conversation with the UK Government about the issue affecting over 100,000 expats living in Canada. The State Pension is frozen at the point of emigration for individuals primarily residing in Commonwealth countries such as Canada and Australia. Retirees living in the USA or EU countries are eligible for the same considerations related to their State Pension as if they had stayed in the UK. A significant proportion of the affected pensioners (49%) receive £65 per week or less, with an estimated 86% of all expats not being informed that their State Pension would be frozen. Campaigners have highlighted that some pensioners are receiving as little as £20 a week. More information about the End Frozen Pensions Campaign can be found on their website. The New and Basic State Pension increased by 4.7% in April, meaning someone on the full New State Pension currently receives £230.25 per week, or £921 every four-week pay period. Those on the full Basic State Pension receive £176.45 each week, or £705.80 every four-week pay period. State Pension uprating predictions for 2026/27 The Triple Lock is currently set to be determined by the earnings growth element - currently at 5% (excluding bonuses) and 4.6% (including bonuses). However, this figure may increase or decrease and isn't the final metric that will determine the level of uprating. The earnings growth figure to be included in the Triple Lock guarantee will be released by the ONS on September 16. The CPI figure to be utilised is expected to be announced in mid-October. The annual State Pension uprating won't be confirmed until the Autumn Budget, but pensioners - and those due to retire next year - can start to plan their finances by following the Triple Lock measurements. That being said, a 5% increase on the current State Pension would see people receive the following amounts. Full New State Pension Weekly: £241.75 Four-weekly pay period: £967 Annual amount: £12,571 Full Basic State Pension Weekly: £185.25 Four-weekly pay period: £741 Annual amount: £9,633 The annual uprating won't be confirmed until the Autumn Budget, but pensioners - and those due to retire next year - can start to plan their finances by following the Triple Lock measurements. Article continues below
Daily Record
3 days ago
- Business
- Daily Record
State Pension uprating will not be paid to nearly half a million older people
Around 453,000 older people will not get new State Pension payments during the 2026/27 financial year. The latest figures from the Office for National Statistics (ONS) indicate that the annual State Pension uprating is on track to be determined by earnings growth, which is currently at 5 per cent (excluding bonuses) while the latest Consumer Price Index (CPI) inflation rate is at 3.6 per cent. Under the Triple Lock, State Pensions increase each year in-line with whichever is the highest of average annual earnings growth from May to July, CPI in the year to September or 2.5 per cent. However, while millions of pensioners across Great Britain - including over one million living in Scotland - can look forward to the payment rise in April next year, nearly half a million people over State Pension age will not be due the increase. An estimated 453,000 pensioners are living in a country which does not have a reciprocal agreement with the UK Government resulting in them not receiving the annual State Pension uprating. This is despite having paid the necessary amount of National Insurance Contributions to receive the state Pension. Despite fierce campaigning by the 'End Frozen Pensions' campaign - which includes an online petition signed by thousands of supporters, a visit to Parliament by 100-year-old Second World War veteran Anne Puckridge, and persistent pleas to the UK Government to review the policy - many expats are receiving a significantly smaller State Pension than those resident in Scotland, England, Wales or Northern Ireland. Campaigners had hoped the appointment of former Governor of the Bank of England, Mark Carney, as Canadian prime minister, would open a dialogue with the UK Government about the issue which affects over 100,000 expats resident in Canada. The State Pension is frozen at the point of emigration for people mostly living in Commonwealth countries such as Canada and Australia. Retirees living in the USA or EU countries are eligible for the same considerations related to their State Pension had they remained in the UK. Many of the affected pensioners (49%) are receiving £65 per week or less with an estimated 86 per cent of all expats not being told their State Pension would be frozen. Campaigners say that some pensioners are receiving as little as £20.00 a week. You can find out more information about the End Frozen Pensions Campaign on their website. The New and Basic State Pension increased by 4.7 per cent in April, which means someone on the full New State Pension currently receives £230.25 per week, or £921 every four-week pay period. Those on the full Basic State Pension receive £176.45 each week, or £705.80 every four-week pay period. State Pension uprating predictions for 2026/27 The Triple Lock is currently on track to be determined by the earnings growth element - currently at 5 per cent (excluding bonuses) and 4.6 per cent (including bonuses). However, this figure may go up or down and isn't the final metric that will determine the level of uprating. The earnings growth figure that will be included in the Triple Lock guarantee will be published by the ONS on September 16. The CPI figure that will be used is due to be published in mid-October. The annual State Pension uprating won't be confirmed until the Autumn Budget, but pensioners - and those due to retire next year - can start to plan their finances by following the Triple Lock measurements. That being said, a 5 per cent increase on the current State Pension would see people receive the following amounts. Full New State Pension Weekly: £241.75 Four-weekly pay period: £967 Annual amount: £12,571 Full Basic State Pension Weekly: £185.25 Four-weekly pay period: £741 Annual amount: £9,633 The annual uprating won't be confirmed until the Autumn Budget, but pensioners - and those due to retire next year - can start to plan their finances by following the Triple Lock measurements.
Yahoo
05-05-2025
- Business
- Yahoo
Half a million state pensioners being denied £11,973 from DWP this year
Half a million older people won't get a £11,973 state pension payment this year. Campaigners are calling for urgent Department for Work and Pensions (DWP) reforms on behalf of approximately 453,000 pensioner expats who receive significantly lower UK state pensions than those living in the UK. The issue arises because, in certain countries, the UK state pension remains frozen, meaning it does not rise in line with inflation or other increases, leaving those living abroad at a significant disadvantage. A compelling example of this issue is the case of Anne Puckridge, a 100-year-old Second World War veteran, who has been receiving the same frozen pension of £72.50 per week since leaving the UK at the age of 76. READ MORE: State pensioners will get extra £100 winter fuel payment if born before this year READ MORE: Millions who have current account bank balance over £2,067 'warned' READ MORE UK facing NEW mini-heatwave with 'hottest hour' set to roast England This amount is less than half of the £176.45 per week she would be entitled to if she were living in the UK as of April 2024. Over the course of a year, this results in a shortfall of £5,405, depriving her of the financial support she would have otherwise received. In response to this ongoing issue, the International Consortium of British Pensioners (ICBP) has launched its End Frozen Pensions campaign. The initiative aims to bring attention to the injustice faced by around 453,000 expats whose pensions do not rise annually in line with the UK's Triple Lock system, which guarantees that pensions increase each year based on either inflation, wage growth, or a minimum of 2.5%, whichever is highest. This policy flaw disproportionately affects expats living in countries with frozen pensions, where they will not benefit from the annual uplift seen by those in the UK. For example, in April 2024, the New Full State Pension saw an increase of 4.1%, rising from £11,502 to £11,973. Going forward, the government has committed to a 2.5% annual increase until 2030. However, pensioners in countries with frozen pensions will see no such increase, leaving them at a severe disadvantage compared to their peers in the UK. The issue mainly affects pensioners living in Commonwealth countries, including Canada and Australia, where the UK government is not bound by bilateral agreements to increase pension payments. As a result, those who moved to these countries after their retirement are left with stagnant pension payments that do not adjust for inflation or the rising cost of living. In contrast, expats living in the United States or European Union countries typically receive the same annual increases to their pensions as those in the UK, ensuring that they are not disadvantaged in the same way. In a hopeful turn, some campaigners are looking towards the election of Canadian Prime Minister Mark Carney as a potential opportunity for change. Carney, who worked in the UK for several years and made contributions to the UK pension system—most notably during his time as Governor of the Bank of England—could be an influential figure in addressing the issue. Campaigners are optimistic that his background will make him more attuned to the struggles faced by expats with frozen pensions.
