Millions of state pensioners will receive a guaranteed triple lock boost of 3.9% next year after new inflation figures were published. The new state pension is expected to increase by £489 a year to £13,036, while the basic state pension will rise by £374 to £9,989, in line with the 3.9% increase in average earnings.
Triple Lock Guarantee
State pensions are guaranteed to rise every April in line with either wage growth between July and September, inflation or 2.5%. The amount was confirmed after the Office for National Statistics confirmed that inflation had risen to 3.5% in September, from 3.1% in August.
This means the pension increase will be based on the highest of the three measures, which this year is average earnings growth at 3.9%.
Impact on Pensioners
The rise will apply to both the new state pension and the basic state pension, providing a significant boost to millions of pensioners across the UK. The new state pension will reach £13,036 per year, while the basic state pension will rise to £9,989.
The increase is part of the government's triple lock policy, which aims to protect pensioners from the impact of rising costs.
