Millions of pensioners are set for a larger State Pension increase next April than initially anticipated following a revision to a crucial figure within the Triple Lock mechanism by the Office for National Statistics (ONS). Figures published on Tuesday revealed an upward adjustment to overall wage growth including bonuses for the May to July period, rising from 4.7 per cent to 4.8 per cent.

The Triple Lock ensures that both the New and Basic State Pensions rise annually in accordance with whichever proves highest amongst the average yearly earnings growth from May to July (4.8%), the Consumer Price Index (CPI) inflation rate for the year to September, or 2.5 per cent. Additional State Pension components and deferred State Pensions increase annually alongside the September CPI figure.

A 4

See Full Page