Published 1 year ago • loading... • Updated 1 year ago

Millions set to receive state pension boost after new ONS figures

On Tuesday, the Office for National Statistics revised average earnings growth from 4.7% to 4.8%, meaning the state pension will rise by 4.8% next year.
Under the triple lock, the pension increase follows the highest of earnings growth, Consumer Prices Index inflation or 2.5%, with Office for National Statistics earnings at 4.8% likely triggering the rise.
New state pension recipients will see weekly payments rise from 230.25 to 241.30, increasing annual income to 12547.60, while basic pensioners' weekly pay rises to 184.90.
Analysts warn the rise could move many pensioners into tax brackets, predicting an additional 400,000 state pensioners may face tax next year if thresholds remain frozen.
Last month Pat McFadden reaffirmed the Government's triple lock pledge, the OBR estimates it equals about £1,900 a year this Parliament, while the ONS urges caution amid survey changes.

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Pensioners Could Be Set for Bigger State Pension Boost Than Previously Thought

Pensioners are on course for a bigger state pension boost next year than previously thought after a key figure used in the triple lock calculation was revised upwards. Office for National Statistics (ONS) data released on Tuesday showed an upwards revision to total wage growth including bonuses for the quarter to July, up to 4.8%, from 4.7% in a previous estimate. Under the triple lock guarantee, the state pension increases every April in line w…

1 year ago·New York, United States

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Nottingham Post

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Millions of pensioners set for bigger state pension boost than previously thought - Nottinghamshire Live

The triple lock ensures state pension payments go up each year in line with whichever is the highest out of average earnings growth, inflation, or 2.5%

1 year ago·Nottingham, United Kingdom

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