The September CPI inflation rate will be announced on October 18 and forms part of the State Pension Triple Lock.
There is a key date this month that everyone claiming their State Pension should be aware of as it could determine how much the contributory benefit will increase next April. The September Consumer Price Index inflation rate will be announced on Wednesday, October 18 and forms part of the Triple Lock policy which is used for the annual State Pension uprating.
As it stands, wages growth at 8.5 per cent or even without employee bonuses looks like a “dead cert” to be the uprating factor next year, according to Becky O’Connor, Director of Public Affairs at PensionBee. The full, New State Pension is currently worth £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. Those on the maximum Basic State Pension would see payments rise from the current £156.20 a week to £168.40 under an uprating of 7.8 per cent and £169.50 with 8.5 per cent.
Top Money Stories Today Estimated State Pension payments from April 2024 The estimated calculations show the current annual rates for the full New and Basic State Pensions. The 'monthly payment' calculated below refers to every four weeks, there are 13 payments made throughout the year.
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