520,000 people set to miss out on state pension triple lock increase

Each year, millions of pensioners expect their sum to go up by the highest of 2.5 percent, inflation or average earnings under the triple lock. The policy has not yet been confirmed for the coming year, creating nervousness and worry amongst many pensioners.However, those who have their sum frozen would not benefit in the same way if the triple lock were to return.Increases to the state pension are only guaranteed in the following places:The UKEuropean Economic Area (EEA)GibraltarSwitzerlandCountries with a social security agreement with the UK – but not Canada or New Zealand.Elsewhere, increases are not enacted, leaving thousands of expats disappointed as their sum is halted at the amount it was when they decided to leave the UK or an eligible area.It is estimated some 520,000 people miss out according to the End Frozen Pensions Campaign.READ MORE: The Tory government is ‘failing to tackle fraud’ State pension triple lock may be confirmed this week – but 520,000 people set to miss out (Image: Getty)As a result, if the state pension does increase on Thursday, these individuals could miss out on a 10.1 percent rise to their sum.The campaign asserts many expat pensioners are now living ‘in poverty’ despite paying their full National Insurance contributions.Many have argued they were totally unaware of the policy, and how it might affect them.Returning to the UK would mean a person would see their state pension uprated, even if it was only for a short time.DON’T MISSSunak and Hunt may bring in inheritance tax change ‘via backdoor’ [INSIGHT]Money saving tips which could reduce your energy bill this winter [LATEST]State pension petition could be debated in Parliament [UPDATE] State Pension UK: What is State Pension? (Image: EXPRESS)What is happening where you live? Find out by adding your postcode or visit InYourArea ‘Obviously, if I had my full pension I would be better off, but I cannot claim I go short of anything, except perhaps a few luxuries.’A DWP spokesperson previously told Express.co.uk: ‘We understand that people move abroad for many reasons and that this can impact on their finances. ‘There is information on GOV.UK about what the effect of going abroad will be on entitlement to the UK state pension.’The Government’s policy on the up-rating of the UK state pension for recipients living overseas is a longstanding one of more than 70 years and we continue to uprate state pensions overseas where there is a legal requirement to do so.’