An expert has updated pensioners on how much they might be paid next year when the rate changes
The Office for National Statistics has announced that UK inflation plummeted to its lowest point in nearly three years this April. The Consumer Price Index inflation rate fell to 2.3 per cent, a substantial decrease from March's 3.2 per cent.
This means someone on the full New State Pension will receive £221.20, or £884.80 every four-week pay period during the 2024/25 financial year, reports the Daily Record. Those on the full Basic State Pension will receive £169.50 each week, or £678 every four-week pay period. "These increases and the underlying high volatility that was present in both price inflation and earnings growth, have since raised serious questions over longer-term affordability of the State Pension, which is paid for by today's workers through National Insurance Contributions. With inflation now below the 2.5 per cent underpin, it's likely to be earnings growth that determines next year's Triple Lock increase, as the latest figures have this sitting at 5.7 per cent .
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