A new report has uncovered that an estimated 500,000 pensioners will lose out on an updated state pension because of their place of residence.
Recently, a UK couple made headlines highlighting the issue. Aged 69, Elizabeth and David Currie paid thousands to fill in existing gaps in their National Insurance (NI) record so they could access a nearly full state pension. However, the couple have now been left devastated after discovering that their UK state pension is effectively frozen.
The Curries have commented that they feel like the government forgot about them. They are now among around half a million pensioners who will not receive the yearly state pension increase because of their country of residence.
Despite the qualifying years to their credit, as well as the top ups they paid, the couple are missing out on a combined £3,500 a year. In 1988, the Curries moved to Vancouver, Canada, with their two children. They claim that the Department for Work and Pensions (DWP) never informed them that the state pension they receive would be frozen.
Mr Currie commented:
“When we left the UK, there were no indicators from the government to say, ‘By the way, you’re moving to a country where your pension is going to be frozen.’”
UK citizens with concerns about their income often consult retirement planning specialists in Shropshire, Hampshire, and other counties for advice. Wealth managers can help clients looking ahead to ensure they have a full view of the revenues they will have at their disposal after they are no longer working, so they can make suitable plans that provide sufficient provisions.
