The earnings growth measure of the Triple Lock is currently the highest factor of the uprating policy.
Some 9.7 million people on the Basic State Pension could see weekly payments rise by up to £40 each month from next April, under the Triple Lock policy. The Labour Government has pledged to keep the annual uprating measure in its current format for the next five years.
If the earnings growth measure for May to July - which is due to be published by the ONS on August 13 - remains at 5.9 per cent , it will almost certainly be the determining factor for the State Pension uprating in April 2025. Remember, these figures are estimated calculations based on the current figures. It's also important to be aware that additional State Pension payments and deferred State Pensions rise each year under the CPI for September. The UK Government typically confirms the annual uprating during the Autumn Statement in November.
The International Consortium of British Pensioners advocates on behalf of expats affected by ‘frozen pensions’ and is behind the ‘End Frozen Pensions’ campaign, which aims to “end the injustice” for Brits who have moved abroad whose State Pension does not rise in-line with the Triple Lock every April.
“Those in countries with reciprocal agreements are unaffected so if you were a pensioner in the USA you would continue to get an uprating, but if you lived just across the border in Canada you would not.Latest State Pension News State Pension and tax The latest figures from HM Revenue and Customs show that 8.1m people in retirement currently pay tax, largely due to additional income from workplace or private pensions on top of their State Pension.
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