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State pension to rise by as much as £550 a year from April
The triple lock policy raises the full new state pension by 4.7%, adding over £550 annually for 13 million pensioners to help with the rising cost of living.
- On November 26, Chancellor Rachel Reeves will confirm an above-inflation rise for 13 million pensioners, with the full new State Pension increasing by more than £550 a year to just over £240 per week.
- Under the triple lock, the pension is adjusted by the highest of inflation, average earnings growth or 2.5%, and recent earnings growth outpaced inflation.
- Meanwhile, the full basic State Pension is set to rise by roughly £440 a year, which is a £120 difference compared with inflation-only uprating.
- Rising nominal pensions and frozen tax thresholds since 2021 mean 4.8 million people newly paying income tax and 4.2 million people moved into the 40p higher-rate band.
- Economists warn the triple lock may prove increasingly unaffordable, while the government frames the State Pension as a cornerstone and plans freezing rail fares and prescription charges next year.
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21 Articles
Coverage Details
Total News Sources21
Leaning Left4Leaning Right4Center5Last UpdatedBias Distribution38% Center
Bias Distribution
- 38% of the sources are Center
38% Center
L 31%
C 38%
R 31%
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