Specific group of older people will not get new State Pension pay rates next April

The Triple Lock will determine the level of uprating to be applied to the State Pension for the 2024/25 financial year and pays the highest between September’s Consumer Price Index (CPI) inflation rate, earnings growth, or 2.5 per cent. The frontrunner for the uprating is currently earnings growth, which came in at 8.5 per cent (including employee bonuses) for the period between May and July.

The latest CPI inflation rate is 6.7 per cent which covers the 12 months leading up to August with the September figure due to be announced on Wednesday, October 18. It looks increasingly unlikely that after a slight dip from 6.8 per cent in July to the current figure that it will rise beyond the wages growth figure of 8.5 per cent.

This could result in millions of pensioners receiving another substantial increase in April, following this year’s uprating of 10.1 per cent. However, an estimated 500,000 older people will not qualify for any boost to their payments - even though they have accrued the required amount of National Insurance contributions before taking retirement.

The CEO and founder of one of the world’s largest independent financial advisory, asset management and fintech organisations warned earlier this year that hundreds of thousands of Brits living abroad in retirement missed out on the State Pension uprating applied to the contributory benefit in April.

Nigel Green, of deVere Group, said that an estimated 500,000 older people will "continue to have their pensions frozen in value at the point of retirement date or date of emigration".

The latest data from the Department for Work and Pensions (DWP) shows that 12.6 million people are now receiving the State Pension in Scotland, England and Wales, including 1.1m living abroad. Some 3.2m are in receipt of the New State Pension, which is currently worth up to £203.85 per week, while those on the Basic State Pension receive up to £156.20.

Commenting recently on the 2023/24 State Pension uprating, Mr Green said: “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