Pensioners are set to receive another above inflation boost to the state pension next April
full new state pensionNext month’s data, which covers the three months to July, is the specific figure used for the triple lock.Helen Morrissey, head of retirement analysis at Hargreaves Lansdown said: “Wage growth remains robust, so it’s highly likely that next month’s figure will be the one used to uprate state pension under the triple lock.
“If the figure were to remain the same next month, then we could see the full new state pension get a boost of around £517 – taking it to approximately £12,019 per year.” Meanwhile, the basic state pension – for those who reached their state pension age before 6 April 2016 – is £169.50 per week, or £8,814 per year.The uplift would mean that the full state pension remained below the threshold at which people start paying tax – at least for now.
The Conservatives pledged to raise the personal allowance for pensioners in line with the triple lock in the run-up to the General Election in July, but Labour did not match this promise.
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