The Office for National Statistics has announced that wages grew by 4.1% between May and July - which is the crucial number that will be used to determine how much the state pension will rise by next April
The state pension is set to increase by £470 next April, following the confirmation of a "crucial number" used to determine the triple lock this morning. The triple lock ensures that the state pension increases each April by the highest of three factors: inflation , wage growth , or 2.5%.
Chancellor Rachel Reeves will confirm the exact figure in her Autumn Budget next month. Former pensions minister Sir Steve Webb, now a partner at LCP, said this additional 0.1% adds approximately £100 million to the state pension bill under the triple lock formula. There are two types of state pension, and the one you claim depends on your date of birth. Men born on or after April 6, 1951, or women born on or after April 6, 1953, will claim the new state pension, reports the Mirror.
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