What is British State Pension?
- British State Pension is a contributory scheme that provides a lifetime pension.
- You don’t have to be British to be eligible.
- You can receive both the British State Pension and the Australian Age Pension.
- You don’t have to stop working to receive the British State Pension.
- The pension paid to residents of the UK and many other countries increases each year by the highest of (a) the annual increase in earnings (b) the annual increase in consumer prices or (c) 2.5%. This is known as the triple lock. THIS IS NOT TRUE FOR BRITISH STATE PENSION PAID TO RESIDENTS OF AUSTRALIA.
- The rate of pension paid to people living in Australia is frozen at the rate when the pensioner first became eligible.