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Chancellor Rachel Reeves has confirmed how much State Pensions will increase by at her second Autumn Budget that she delivered earlier this week. State Pensions increase each April and the amount they go up by is worked out by the triple lock - a mechanism used to ensure the payment rates rise each year in line with whichever is higher out of inflation, earnings or 2.5%.

The triple lock is designed to prevent the value of pensions being reduced by cost of living pressures. It ensures the State Pension increases every April in line with whichever is the highest of earnings growth between May and July, inflation in September, or 2.5%. Wage growth for May to July was 4.8% and as this is higher than September inflation, this is the figure that will be used to increase the Stat

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