Pensions - Articles - Retirees in Europe to get same boost to pension as in the UK

 “Up to a quarter of a million UK nationals who retired in other European countries will be celebrating this week as the Government has confirmed they are eligible for the same uplift in their pension as retirees back home in the UK. The triple lock guarantee means that those receiving the State Pension will see their weekly payments increase by 3.9% from April this year. As part of the government’s withdrawal agreement, reciprocal rights for state pensions have been agreed, so that those living abroad will see the same increase as those paid in the UK.

 “The Department for Work and Pensions also confirmed that this provision may not necessarily be extended to those moving to the EEA (European Economic Area) state or Switzerland from January 1 2021. The entitlement to UK benefits for those people are dependent on future negotiations with the EU and may well be subject to change.

 “The triple lock was first announced 10 years ago as a way of making sure pensioners didn’t lag behind the working age population in terms of their State Pension purchasing power. It was first used to increase State Pensions in April 2011 and since then, state pensioners have done well from the triple lock with overall increases outstripping both price inflation and earnings growth.”

 The new State Pension will increase at the highest rate for eight years, by 3.9%, boosting the retirement incomes of 13 million people. Pensioners receiving the full new State Pension will get an extra £344 a year.