ONS figures due to be published next week could be the driving force behind the State Pension annual uprating.
The Triple Lock guarantee can be a tricky topic to get your head around, especially if you’re new to retirement and claiming the State Pension. The policy was introduced by the Coalition Government in 2010 to ensure that the State Pension rises each year in line with the greater of the September Consumer Price Index inflation rate, earnings growth, or 2.5 per cent.
The July CPI inflation rate was 6.8 per cent and earnings growth for the period between April to June was 7.8 per cent . This means that earnings growth is currently on-track to be the uprating measure. She said: “As scrutiny increases on the cost of the State Pension to the public purse, the UK Government will be under pressure to break or at least adjust the Triple Lock.
The latest expenditure figures from the Department for Work and Pensions show that the State Pension cost the UK Government an estimated £112.5 billion to deliver in 2022/23 and is forecast to rise to £139.5bn in 2027/28.
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