State pensioners are set to benefit from an inflation-busting 8.5% rise
Under the triple lock, the state pension usually rises each April by inflation, wages or 2.5% – whichever is higher. Office for National Statistics figures released on Wednesday showed that Consumer Prices Index inflation was at 6.7% last month. But wages have been rising at a higher rate, with a figure of 8.5% now being expected to be used to calculate the state pension rise.
Later, Downing Street refused to guarantee that benefits would rise in line with inflation or that the triple lock for pensions would be based on earnings including bonuses. The Prime Minister’s official spokesman said: “The Secretary of State has to conduct his statutory annual review of benefits and state pensions using the most recent data, including, obviously, today’s figures. So that process will take place.
The current full state pension amount is £203.85 a week, which is £10,600.20 a year. Dean Butler, managing director for retail direct at Standard Life, part of Phoenix Group, said: “As the average earnings figure published last month is higher than 6.7%, state pensioners are set to benefit from an inflation-busting 8.5% rise, taking the new state pension payment to £11,501.
“However, it could be a case of ‘be careful what you wish for’ as an inflation-busting state pension will only fan the flames of debate around the long-term affordability of the payment.
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