State pension triple lock: Full list of countries where payments still rise while abroad | Personal Finance | Finance

State pension payments rise every year under the triple lock mechanism which guarantees payments rise by the highest out of 2.5 percent, average earnings or prices as measured by the CPI. For those who want to retire abroad, it should be noted state pensions can be claimed in most countries but they are only guaranteed to increase in a select few.

The UK also has social security agreements with Canada and New Zealand, but the Government warns claimants cannot get yearly increases in their UK state pension if they live in either of those countries.

New state pensions require at least 10 years of National Insurance (NI) contributions to be received but this can also be affected by time spent abroad.

For those who have lived or worked abroad, it may be possible to use this time to make up the qualifying NI years.

This will most likely be the case for those who have spent considerable time in the EEA, Switzerland, Gibraltar or countries that have a social security agreement with the UK.

To claim a UK state pension abroad, a person must be within four months of their state pension age, which is currently sitting at 66 for most people.

To claim it, a person can either contact the International Pension Centre or send the international claim form to the International Pension Centre.

A person must choose which country they want their pension to be paid into if they live part of the year abroad.

It is not possible to be paid in one country for part of the year and another for the rest of the year.

State pensions can be paid into a bank in the country the person is living in or a bank or building society in the UK.

Those with an overseas account will need their international bank account number (IBAN) and bank identification code (BIC) at the ready.

The payments will be paid in local currency, meaning the amount received may be impacted by exchange rates.

Retirees abroad can choose to be paid once every four or 13 weeks.

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