Millions of pensioners could be set for a £902 increase in 2024.
Under the triple lock – which guarantees an increase in line with average earnings, inflation or 2.5%, whichever is highest – pensioners would have been in line for a rise linked to wages from April.
The highest of the three figures is the increase in average earnings, which was measured by the Office for National Statistics (ONS) at 8.5%.
In August, Rishi Sunak assured pensioners that the triple lock would remain in place, however high inflation figures in September has led to reports that the calculation could be altered to reduce the potential increase in 2024.
In September, it was reported ministers were considering whether to strip out the impact of public sector bonuses on the earnings figure, which could mean an increase of around 7.8% instead, potentially saving the Government hundreds of millions.
That could result in some pensioners losing out on around £75 a year compared with an 8.5% rise.
How much could your pension increase by?
An 8.5% rise in the full new state pension could take it from around £204 per week to £221, or from around £10,600 to around £11,502 annually.
But a smaller rise of 7.8% would instead take it from around £204 per week to around £220, or around £11,427 annually.
A rise in the basic state pension of 8.5% would take it from around £156 per week to just under £170, or from around £8,122 to £8,814 per year.
But a 7.8% rise would mean an increase in the basic state pension to around £168 per week or around £8,756 per year.
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules hereLast Updated:
Report this comment Cancel