State Pension payments increase every April, with the rate determined by the Triple Lock
Around 12.7 million individuals over the State Pension age will learn how much their regular payments will increase ahead of the Autumn Budget.
Based on the latest earnings growth figure, those on the full New State Pension could see a weekly increase of £8.85, from £221.20 to £230.05. As payments are typically made every four weeks, this equates to an increase of £920.20. He also noted the current rate increases, saying, "With price rises around the 2.2 per cent mark, the real boost for pensioners will be 1.8 per cent - with inflation at target, they would be 2 per cent better off."
Retirement specialists at Spencer Churchill warn that with an anticipated earnings growth of 4.0 per cent, nearly 900,000 more people could find themselves surpassing the Personal Allowance threshold of £12,570 within the current financial year, based on the latest ONS figures. This comes amid announcements that the Personal Allowance is set to stay fixed at £12,570 until 2028, impacting many of the 8.
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