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Millions of older people are on track for a bigger State Pension pay rise next April than previously forecast after a key figure used in the Triple Lock policy was revised by the Office for National Statistics (ONS). Data released on Tuesday showed an upwards revision to total wage growth including bonuses for May to July, going up from 4.7 per cent to 4.8 per cent. ‌

Under the Triple Lock the New and Basic State Pensions increase each year in-line with whichever is the highest between the average annual earnings growth from May to July (4.8%), Consumer Price Index (CPI) inflation rate in the year to September, or 2.5 per cent. Additional State Pension elements and deferred State Pensions rise each year with the September CPI figure. ‌

An increase of 4.8 per cent would

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