Triple lock means state pension set to rise by 8.5% in April
The state pension is expected to experience an 8.5% increase in April following the release of vital data integral to the triple lock system. This policy ensures that the state pension increment is determined as the highest among average earnings, inflation, or a fixed 2.5% rate.
Those earnings – which are total pay, including bonuses – were recorded at 8.5%, and the inflation figure is unlikely to be higher.
That means the state pension is likely to rise by 8.5%, which would be a weekly increase of £13.30.
It means there will be an annual increase of £691.60 on the basic state pension – taking the total for the year to £8,814.
For those receiving the new flat-rate state pension, going to those who reached state pension age after April 2016, the rise is set to be £17.35 a week, or £902.20 a year – taking the total for the year to £11,502.
This is set to be the second significant increase in the state pension in two years, after a 10.1% increase in April of this year.