Under the triple lock commitment, the state pension is set to increase by 8.5 per cent in April, in line with wage growth figures
The Government’s triple-lock commitment would “not be worth the paper it’s written on” if ministers do not up theby 8.5 per cent in April after summer wage growth was confirmed at this level, a former pensions minister has said.Wage growth in the period July-August was provisionally calculated as being 8.5 per cent back in September, and this figure has now been confirmed by the Office for National Statistics .
The new state pension, currently £203.85 per week, would rise to £221.20 in April if it went up by 8.5 per cent, while the basic state pension, currently £156.20 and paid to men born before 6 April 1951 and women born before 6 April 1953, would go up to £169.50. on the earnings figure, which could mean an increase of around 7.8 per cent instead, but Sir Steve, who is now a partner at Lane Clark and Peacock, said this would be “fiddling the figures.”“In any given year there are one-off factors that determine exactly the level of wage growth.
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