Older state pensioners, who reached state pension age before April 2016, are set for a £374 annual triple lock increase, compared with about £489 for new state pensioners. The rise is based on final figures showing wage growth of 3.9%, above CPI inflation of 3.5% and the 2.5% minimum. New Prime Minister Andy Burnham has committed to the triple lock for the October Budget and for 2027, 2028 and 2029, though plans to adjust it from 2030 remain. A full new state pension would rise to £250.70 per week from April, up from £241.30, while the full basic state pension would reach around £9,989 a year. Hargreaves Lansdown's Helen Morrissey said the state pension covers only the basics, so boosting workplace pension contributions can help.
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Related news
- DWP rules will deny 10 million state pensioners £489 triple lock hike
The state pension is on course to rise 3.9% next April, as wage growth far outpaced September’s inflation figures. Of about 13.3 million DWP state pension recipients, only three million will get the full triple-lock increase, which equals £489 for full new state pension claimants, while around 10 million will not. The 2.3 million people on reduced new state pension payouts, often due to contracted-out schemes or insufficient National Insurance contributions, will see smaller rises, and about 420,000 people living abroad will have their rates frozen. The DWP said £489 is only an example, since the actual increase depends on each person’s entitlement and National Insurance record.
- State pension tipped to increase by nearly £500 as inflation rises
- State pension tipped to increase by nearly £500 as inflation rises
- State pension tipped to increase by nearly £500 as inflation rises | Maldon and Burnham Standard
- Andy Burnham triple lock threat exposed – We all know the PM p will cost state pensioners | Personal Finance | Finance
Andy Burnham has pledged to replace the state pension triple lock after the 2030 general election, if he wins. The current triple lock raises pensions by the highest of inflation, earnings growth or 2.5%; Burnham wants to drop the earnings link and replace it with an undefined alternative, which critic Ros Altmann says removes the most important part of the mechanism. Using current figures, September CPI of 3.5% against earnings growth of 3.9% in the three months to July means the full new state pension would rise by about £489 to about £13,068 next April, whereas under Burnham's system the rise would be the 3.5% inflation uplift, about £50 a year less, with losses compounding over time.
- Andy Burnham triple lock threat exposed - now we know what it will cost state pensioners
Andy Burnham has pledged to replace the triple lock after the 2030 general election, dropping the earnings link that currently raises the state pension by the highest of inflation, earnings growth or 2.5%. The columnist calls the proposed replacement vague and argues the triple lock was introduced in 2011 to stop pensions falling behind wages. Under the proposed system, September's 3.5% inflation rate would be used instead of 3.9% earnings growth, leaving pensioners around £50 a year worse off than the triple lock's expected rise of about £489, with losses compounding over time. The columnist argues the earnings link should be the last part sacrificed, not the first.
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