Basic State Pension is set to increase to £169 for those on the maximum payment.
The Office for National Statistics recently announced that Consumer Price Index inflation was 6.7 per cent in September, the same rate as in August. This means all measurements for the Triple Lock, which determines the State Pension annual uprating in April for 12.6 million pensioners across Great Britain, are in place.
The full, New State Pension is currently £203.85 per week. Uprating using the lower wages growth figure would see people receive £219.75 each week, while under the 8.5 per cent figure it would be £221.20. ONS data suggests around 1.2 million pensioner households are mainly dependent on the State Pension and other benefits to provide the main source of their income. Among single pensioners, women are nearly three times more likely than men to be largely reliant on the State Pension.
“The Prime Minister must now weigh up his party’s manifesto commitments, the state of the nation’s finances and his chances of success in a coming General Election before making a decision which is expected to be announced in the Autumn Statement. It won’t be an easy choice, especially for a Conservative government whose party has traditionally relied heavily on older voters.”
These estimations are based on the wages growth at 7.8 per cent and 8.5 per cent . Figures have been rounded using the UK Government’s rounding policy.
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