If you’re a British expat it’s easy to let the State Pension fall off your radar. In fact, most expats simply accept that periods abroad will result in gaps in their contribution record and write their State Pension off.
There are more than 500,000 retired Britons overseas, who are losing out as a result of the UK’s “frozen” policy on State Pension payments. In the UK, pensioners benefit from something known as the “triple lock”. As a result of this, State Pension payments increase by the greater of two-and-a-half per cent, price inflation or average wage growth. This means that State Pension payments retain their worth as time goes on.
Currently, those who are in receipt of UK State Pension and resident in the UK or certain overseas jurisdictions, are protected by something known as the “triple lock”.
For better or worse, we now know that Brexit is definitely going to happen (or has already happened if you are reading this after 31st January 2020). As a result, I want to look at how expat pensions might be affected now that Brexit “is done”. In particular, I will review the potential implications for expats who have UK pensions and who have already retired or plan to retire in the EEA.
