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Millions of people are on track for a 4.8 per cent rise in the State Pension next year, after Office for National Statistics (ONS) figures were released on Wednesday. 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%), CPI inflation rate in the year to September (3.8%), or 2.5 per cent. ‌

It’s important for people who have deferred their State Pension or in receipt of a dditional elements to be aware these payments will rise by the September CPI figure of 3.8 per cent. ‌

The Secretary of State for Work and Pensions is required by law to undertake an annual review of the State Pension and benefits and the outcome will be announced in November.

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