The retired are in line for an inflation-busting boost to the state pension, which looks likely to rise to more than £11,400 next year. But the forecast has raised questions over how much longer the government can afford to honour the pension “triple lock” – and has cast doubt on how much state pension future generations might receive, and when.
The triple lock guarantees that the state pension rises each year by average wage growth, inflation, or 2.5 per cent – whichever is highest. Wages increased 8.2 per cent in the three months to June and if figures released next week find growth remained steady in July, it would boost the new state pension by £869 to £11,469 from April.
While it’s good news for
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