Nearly half a million state pensioners will be denied the £550 hike from the Triple Lock next year. Each year, the triple lock ensures it goes up each year in line with whichever is higher out of inflation, wage growth or 2.5 per cent.

Wage growth is already at 4.6 per cent, meaning at least a £550 increase to a full state pension next year, from £11,973 to £12,523 from April onwards.

But expats living abroad face being denied the payments – because the countries where they live don’t share a reciprocal agreement with the Labour Party government. William Cooper, a marketing director at William Russell, explained: “Expats are eligible to claim a UK state pension, provided they have accumulated sufficient qualifying years of National Insurance contributions.

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“This varies depending on when you first started working, but a good rule of thumb for a full state pension means at least 35 years of paying National Insurance in the UK.”

“The pension can be paid to you regardless of where you live, but it’s crucial to understand how living abroad may affect the amount and any potential increases,” Cooper added.

And Cooper advises: “Always seek guidance from a financial advisor with international expertise to navigate currency fluctuations, tax implications, and local pension regulations.

“Proper planning ensures your pension works for you, wherever you choose to retire. With these steps, you can optimise your pension’s value and ensure a smooth transition to living abroad.”

453,000 could be affected. BBC and ITV star Martin Lewis said: “The State Pension is set to rise 4.7% next April. We know this as it is ‘triple locked’ – ie, it rises by the higher of 2.5% or inflation or the rise in average earnings. The key figure has just come in for earnings to July and it’s likely to be the highest of the three, at 4.7%.”

He added: “This will take someone on the full new State Pension to £12,535 a year, only £35 below the frozen personal allowance (amount you can earn tax-free each year).

“So as State Pension income is taxable, that means without any question the following year (unless something changes), those on the full new State Pension with no other income will for the first time pay tax on it (as it will rise a minimum 2.5% and personal allowances are frozen).

“PS. Technical note: if September’s inflation is above 4.7% that would mean an even higher rise, but I am – like everyone else – assuming that won’t be the case. Thus I’m focusing on the average earnings for the three months to July as the key metric.”