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State Pension Increase Announced with Tuesday Morning News
Average wage growth of 3.9% is likely to set the increase, lifting the full new state pension to £250.70 a week, officials said.
- The UK State Pension is set to rise 3.9% next April, bringing the full New State Pension to £250.70 a week, according to latest Office for National Statistics wage data used under the Triple Lock guarantee.
- Wage growth slowed to 3.9% in the three months to July, ONS data shows, surpassing the expected 3.2% inflation rate and triggering the Triple Lock policy to use the higher earnings figure for the pension adjustment.
- Almost 13 million pensioners will see payments increase, though the rise pushes the State Pension above the £12,570 personal allowance, making it liable for income tax; the Labour government pledged no tax returns for sole-pension recipients.
- Pensioners on the Old State Pension will receive £192.10 a week starting next April, an increase smaller than the roughly £400 annual rise projected last month due to slowed wage growth.
- Prime Minister Andy Burnham vowed to maintain the Triple Lock for this Parliament's duration, and the Department for Work and Pensions will officially confirm the final pension increase rate in October when inflation data is released.
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Triple lock to ‘add pressure’ on Healey with state pension set to top £13,000
The state pension is set to rise by £490 next year as a result of the triple lock, adding to “pressures” facing Chancellor John Healey as he draws up his first budget. New earnings growth data released on Tuesday has indicated that the triple lock pension will rise by 3.9 per cent. The triple lock [...]
·London, United Kingdom
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Coverage Details
Total News Sources15
Leaning Left5Leaning Right4Center3Last UpdatedBias Distribution42% Left
Bias Distribution
- 42% of the sources lean Left
42% Left
L 42%
C 25%
R 33%
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