🚨 Important Update on State Pension: 🚨
Nearly half a million people are about to miss out on the annual State Pension boost for 2026/27! While pension payments typically rise thanks to the “Triple Lock” system, around 453,000 pensioners won’t see this increase. 😢
Here’s the scoop: The increase usually comes from whichever is highest of these:
1️⃣ Earnings growth (currently at 5%)
2️⃣ Consumer Price Index (CPI) inflation (now at 3.6%)
3️⃣ Flat 2.5%
Most pensioners in the UK are looking forward to a bit more in their pockets come April next year. However, those living abroad in countries without a reciprocal agreement with the UK government won’t enjoy this perk. This affects many who moved to places like Canada and Australia and now find their pensions frozen at the level they were when they left the UK. 🇨🇦🇦🇺
Shockingly, about 49% of those facing these frozen pensions receive £65 or less per week. With 86% unaware their pensions wouldn’t increase, this has sparked a huge campaign for change. 😡📣
Despite efforts from groups like the ‘End Frozen Pensions’ campaign, which includes an online petition and even a visit to Parliament by a 100-year-old WWII veteran, the policy remains unchanged. There’s hope, though, as campaigners push for dialogue between the UK and countries like Canada to address this issue.
For those staying in the USA or EU countries, good news! They continue to receive favourable treatment similar to if they’d stayed in the UK.
🔍 Keep an eye out for official updates on the pension uprate expected in the Autumn Budget. A potential 5% rise could mean a weekly increase to £241.75 for New State Pension recipients and £185.25 for those on the Basic State Pension.
Stay informed and plan ahead! 📅💷
#StatePension #PensionUpdate #TripleLock #FrozenPensions #UKNews