ONS figures due to be published on Tuesday could be the driving force behind the State Pension pay rise in April.
The Triple Lock guarantee can be a tricky topic to get your head around, especially if you’re new to retirement and claiming the State Pension. The policy was introduced by the Coalition Government in 2010 to ensure that the State Pension rises each year in line with the greater of the September Consumer Price Index inflation rate, earnings growth, or 2.5 per cent.
The July CPI inflation rate was 6.8 per cent and earnings growth for the period between April to June was 7.8 per cent . This means that earnings growth is currently on-track to be the uprating measure - and the next figure is due out tomorrow, September 12.Earnings growth The earnings growth figure used for the Triple Lock is based on the year-on-year increase for the period May to July, which is due to be published tomorrow. If the earnings growth figure stays at 7.
“The UK Government broke the Triple Lock in the wake of the pandemic when earnings growth soared above 8 per cent that year, so there is precedent for a change on the basis of data that seems too high. However breaking a promise on pensioner incomes now would be enormously unpopular. Estimated State Pension payments from April 2024 The estimated calculations show the current annual rates for the full New and Basic State Pensions.
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