Under the triple lock, the state pension increases every April by whatever is the highest - inflation, earnings growth or 2.5 per cent
is set to rise to nearly £12,000 a year in 2025 as a result of earnings figures released on today.
The current new state pension, received by those who reached state pension age after 6 April 2016, is £221.20 per week, and if it were to increase by 4 per cent, would rise to £230.05 – as the figure is always rounded up to the nearest 5p. Over a year, this would equate to £11,962.60, up from £11,502.40.
The rise in the state pension next April isn’t confirmed yet. Today’s wage growth figure could be revised next month – though this is likely to be by a small amount if at all.If September’s inflation figure, released in October, were to be bigger than earnings growth – a scenario which is extremely unlikely this year – then that would determine the increase in the state pension instead.
The news comes just weeks after the Chancellor announced she was scrapping the Winter Fuel Payment for pensioners not receiving pension credit or other means-tested benefits. Former pensions minister Ros Altmann told i: “Any increase in the state pension next year will amount to just a few pounds more each week for pensioners and the money will come through between April 2025 and April 2026.
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