| UPDATED: 14:48, Tue, Mar 2, 2021
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State Pension payments ultimately vary according to a person’s National Insurance contributions, however, the full sum currently stands at £175.20 per week. The Triple Lock Mechanism ensures pensioners receive an increase each year by the highest of the following: 2.5 percent, inflation, or average earnings growth. Due to Brexit, there were concerns pensioners who retired overseas could miss out on the annual uprating.
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.
STATE PENSION payments and the rules surrounding them for those who live abroad will no doubt be of huge concern as the end of the Brexit transition period nears. The UK government has reached a deal with the European Union (EU), the details of which have been released in a document of over 1200 pages.