Some say the increase for retirees is unfair on those who pay for it: today’s workers
Millions of state pensioners will receive the biggest pay rise on record this spring, but the future of the Government’s controversial “triple lock” remains uncertain.
The policy, which was a key Conservative manifesto pledge in the last election, promises to increase the state pension every April in line with the highest out of the previous September’s Consumer Price Index measure of inflation (CPI), wage growth or 2.5pc.
It means that the full new state pension is on track to surpass £11,000 for the first time ever from April 2024, up from the current payment of £10,600.20 a year.
The basic state pension, paid to those who reached the state pension age before 2016, would rise by more than £600 to £8,814 annually.