UK Pensioners Owed Millions in Back Payments

The UK Department for Work and Pensions (DWP) has revealed that over 119,000 state pensioners are owed approximately £736 million due to underpayments primarily affecting married women, widows, and those over 80. This correction exercise, known as the Legal Entitlements and Administrative Practice (LEAP), has already disbursed over £417 million in back payments, with ongoing efforts expected to conclude by the end of 2024. Meanwhile, the Guyanese government plans to increase its old age pension to $41,000 in 2025, amidst concerns about pension book security due to alleged duplications leading to significant financial losses. In the UK, retirees may face income tax on their state pensions starting in 2027, as the pension is projected to exceed the personal allowance of £12,570 due to frozen tax thresholds. Despite expected pension increases, retirees' pay rises are forecasted to be substantially lower than in previous years, leading to financial strain. The Office for Budget Responsibility anticipates moderate growth, projecting state pension payments to reach £254.42 a week by 2029.