Specific group of older people will not get new State Pension payment 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 7.8 per cent (excluding employee bonuses) for the period between April and June.

The latest CPI inflation rate is 6.8 per cent which covers the 12-months leading up to August. The earnings growth figure used for the Triple Lock is based on the year-on-year increase for the period May to July, which is published mid-September - the September CPI inflation rate will be published in mid-October.

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