Hundreds of thousands of British pensioners living or moving abroad will miss out on next year’s 4.1% state pension increase under the triple lock policy.
Around 453,000 retirees in countries without a reciprocal pension agreement, such as Australia, will remain stuck with “frozen” state pensions, receiving payments fixed at the level they were when they left the UK.
Campaigners, including the International Consortium of British Pensioners (ICBP), argue that rectifying this injustice would cost the Government just £50million annually – only 1.3% of the UK’s total pension expenditure.
Despite this, the Autumn Budget confirmed that the triple lock increase will only apply to UK residents and those in countries with reciprocal agreements.
Under the rise, UK pensioners on the full new state pension will see payments increase from £221.20 to £230.30 weekly, adding up to around £473.60 more annually.
Those on the basic state pension will receive an extra £361.40 annually, with payments rising from £169.50 to around £176.45 weekly.
The countries with a reciprocal pension agreement include those in the European Economic Area (EEA), as well as Barbados, Bermuda, Chile, Isle of Man, Israel, Jamaica, Japan, Jersey and Guernsey, Mauritius,P hilippines, Republics of former Yugoslavia (the Republics of Bosnia-Herzegovina, North Macedonia, Serbia, Montenegro and Kosovo), South Korea (also known as The Republic of Korea), Turkey, and the USA.
Pensions Minister Emma Reynolds has stated there are no plans to negotiate new reciprocal agreements, leaving pensioners in countries like Canada, Australia, and New Zealand without annual increases.
One such pensioner impacted is 100-year-old World War Two veteran Anne Puckridge, who moved to Canada in 2001 to be closer to her family.
Despite paying full National Insurance Contributions during her working life, Ms Puckridge receives just £72.50 a week – the same amount she was entitled to when she emigrated. If her pension had risen with the triple lock, she would now receive £169.50 per week.
Campaigners continue to press the Government, describing the lack of action as an enduring injustice for British retirees abroad.
The state pension will next rise in April 2025 for those eligible.
