STATE pension payments increase each year due to the Triple Lock Mechanism, with increases protected for British pensioners living overseas, but only in certain countries. This has proved an issue, which many have called upon the government to rectify.
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The triple lock was introduced to the UK State Pension in 2010. The guarantee gives assurance that State Pensions won’t lose value in real terms, and that the payments would increase year-on-year at least in line with CPI inflation rates. To make the guarantee even more secure for retirees, the triple lock includes three different measures of inflation – hence the name. The three-way guarantee sees that every year, the State Pension would rise by the highest of either average wage earnings, inflation rates or 2.5 percent.
State Pension payments will rise this year but an estimated half a million people will miss out
How much State Pension you receive when you retire depends on where you live.
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