Martin Lewis has said that thousands of people in the UK are owed a £6,000 payment after a DWP error. The Money Saving Expert founder issued advice in a special episode of his ITV programme dedicated to all things pensions.
02.02.2023 - 18:09 / dailyrecord.co.uk
Hundreds of thousands of older Brits living abroad are going to miss out on the financial boost from the return of the State Pension triple lock, warns the CEO and founder of one of the world’s largest independent financial advisory, asset management and fintech organisations.
The warning from Nigel Green, of deVere Group, which has more than 80,000 expat clients, comes as the UK Government prepares to reintroduce the Triple Lock in April, which will see the New and Basic State Pension increase by 10.1 per cent - the September Consumer Price Index rate (CPI). The Triple Lock policy is a UK Government commitment to uprate State Pensions annually by the highest between inflation, average earnings, or 2.5 per cent.
It means those on the full New State Pension will see payments increase from £185.15 per week to £203.85 and those on the Basic State Pension will see weekly payments rise from £141.85 to £156.20.
The deVere CEO said: “Clearly, this is good news for many retirees as it could mean a financial boost of around £1,000 a year.” But he warned that not all State Pensioners will benefit from the double digit uprating.
Mr Green explained: “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 emigration.
“Having a frozen pension means that your retirement income falls in real terms year on year due to inflation - and never has this been more true than as the cost of living has soared.”
Retired expats in the European Economic Area (EEA) will continue to receive annual increases to their State Pensions under the triple lock scheme, as will those in a host of other countries
Martin Lewis has said that thousands of people in the UK are owed a £6,000 payment after a DWP error. The Money Saving Expert founder issued advice in a special episode of his ITV programme dedicated to all things pensions.
The latest figures from Social Security Scotland show that at the end of February, 2022 there were 124,081 people living in Scotland receiving additional financial support through Attendance Allowance. Across Great Britain, there are now more than 1.5 million people over State Pension age getting either £61.85 or £92.40 each week through the benefit.
The latest statistics from the Department for Work and Pensions (DWP) show that by the end of October, there were more than three million people across the UK claiming Personal Independence Payment (PIP), including 329,334 living in Scotland. The figures also show that nearly half a million people of State Pension age are also in receipt of PIP.
Attendance Allowance is a benefit delivered by the Department for Work and Pensions (DWP) for people of State Pension age who need help with personal care or supervision because of an illness, disability or mental health condition. Successful claimants will receive either £81.85 or £92.40 each week depending on the level of support they need, which is paid every four weeks and works out at £247.40 and £369.560 respectively.
New figures released by the Department for Work and Pensions (DWP) show that at the end of August 2022, there were 1.4 million people receiving Pension Credit, representing a total of 1.6 million beneficiaries in total, including partners.
The annual benefits uprating was approved in Parliament last week, which means that most benefits and State Pension will rise by 10.1 per cent in April. During the debate before the Social Security Benefits Up-rating Order 2023 was submitted to the House of Commons, several MPs called on the UK Government not to forget the plight of WASPI women.
An estimated 19.2 million families and 39.8 million individuals across Great Britain currently in receipt of State Pension or benefits from the Department for Work and Pensions (DWP) and HM Revenue and Customs (HMRC) will see their payments go up by 10.1 per cent later this year.
State Pension payments are set to increase by 10.1 per cent from April for merely 12.5 million people across Great Britain, including 992,052 living in Scotland. However, despite a record-breaking rise in payments of the contributory benefit, it is estimated that over 1.8 million pensioners are receiving less than £100 per week in State Pension payments.
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A new online petition is calling on the UK Government to require all energy firms to offer a fixed monthly rate for older people and those with a disability. The petition also calls for “no per unit charges for gas and electricity” for those household groups.
The Department for Work and Pensions (DWP) is encouraging older people with a physical or mental health condition, or a disability, to check if they are entitled to claim a benefit worth either £61.85 or £92.40 every week.
State Pension currently provides essential financial support for 12.5 million older people across the country, including more than one million retirees living in Scotland. This regular payment is available for those who have reached the UK Government’s eligible retirement age, which is currently 66 for both men and women, and have paid at least 10 years' worth of National Insurance Contributions.
State Pension provides essential financial support for nearly 12.5 million older people across Great Britain, including 981,399 living in Scotland. This regular payment is available for those who have reached the UK Government’s eligible retirement age, which is now 66 for both men and women, and have paid at least 10 years' worth of National Insurance Contributions.
Two Scottish MPs have urged the UK Government not to make the same mistake with future State Pension age change communication that has been felt by millions of women born in the 1950s. Some 3.8 million women across Great Britain missed out on State Pension payments due to the change in retirement age from 60 to 65 between 2016 and 2018 and then to 66, for both men and women in October, 2020.
The Department for Work and Pensions (DWP) recently announced that 11.6 million Winter Fuel Payments and Pensioner Cost of Living Payments - support worth a total of £4.6 billion - have been made to older people across Great Britain, including 973,604 living in Scotland.
An online petition calling on the UK Government to set a minimum level for weekly State Pension payments of £416.80 for everyone over the age of 60, arguing that the new rates from April are “far too low”, has passed the 10,000 signature threshold which triggers an official response. More than 17,330 people have already shown their support for the proposed changes.
People claiming their State Pension entitlement are set to receive an income boost of 10.1 per cent from April as part of the annual uprating from the Department for Work and Pensions (DWP). However, older people also claiming tax-free disability benefits including Attendance Allowance, Disability Living Allowance (DLA), Personal Independence Payment (PIP) and Adult Disability (ADP) could potentially see their income increase to over £1,500 per month.
A new online petition is calling on the UK Government to require all energy firms to offer a fixed monthly rate for older people and those with a disability. The petition also calls for “no per unit charges for gas and electricity” for those household groups.
A new online petition is calling on the UK Government to set a minimum level of weekly State Pension payments of £416.80 for every retiree, arguing that the current rates are “far too low”. It is also asking for the official age of retirement to be lowered from 66 back to 60 for both men and women.
The UK Government’s second review of the State Pension age is due to be published in May. The latest review into the official age at which someone can retire, now 66 for both men and women, launched at the start of last year and is considering whether the rules around pensionable age are appropriate, based on the latest life expectancy data and other evidence.