The Triple Lock forecasts show that the benefit is set to increase by 5.7% next year, or a handy £605 per person per year. Here's everything you need to know
Those born in certain years are set to see a significant increase to their state pension, amounting to over £600 annually. This is due to the Triple Lock forecasts indicating a 5.7% rise next year, equating to an additional £605 per person each year.
The Department for Work and Pensions is legally required to increase the state pension each year through the 'Triple Lock' system. This ensures that eligible individuals receive an annual increase either in line with inflation, wage growth or by 2.5%, whichever is highest.The latest Consumer Price Index figures, used to calculate the 'inflation' component of the Triple Lock, suggest a potential 5.7% monthly increase for pensioners.
"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.", reports the Express.
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