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Millions set to receive state pension boost after new ONS figures
The 4.8% pension rise reflects updated earnings growth data, potentially pushing 400,000 pensioners into paying income tax next year, analysts say.
- 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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Craven Herald+38 Reposted by 38 other sources
State Pension boost due for millions as new figures 'higher than expected’
New figures show the new state pension and the basic state pension is likely to rise by 4.8 next April
·Skipton, United Kingdom
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Steve Webb: New figures show state pension increase will be ‘slightly higher than expected’ - IFA Magazine
New ONS figures show the state pension will rise by 4.8% next April, slightly higher than expected. Steve Webb says the increase keeps the state pension below the tax threshold for now but warns it could exceed it by 2027 if allowances remain unchanged. New figures from ONS published today (14th October) have revised upward the crucial figure for average earnings growth in the year to May-July from 4.7% estimated a month ago to 4.8%. As this fi…
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Total News Sources45
Leaning Left0Leaning Right1Center34Last UpdatedBias Distribution97% Center
Bias Distribution
- 97% of the sources are Center
97% Center
C 97%
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