There is a key date this month that everyone claiming their State Pension should be aware of as it could determine how much the contributory benefit will increase next April.
The September Consumer Price Index (CPI) inflation rate will be announced on Wednesday, October 18 and forms part of the Triple Lock policy which is used for the annual State Pension uprating.
Under the Triple Lock, the State Pension increases each year in line with whichever of these three measures are the highest - average annual earnings growth from May to July (currently 8.5%), CPI inflation in the year to September (currently 6.7%) or 2.5 per cent.
As it stands, wages growth at 8.5 per cent (including employee bonuses) or even without employee bonuses (7.8%) looks like a “dead cert” to be the uprating factor next year, according to Becky O’Connor, Director of Public Affairs at PensionBee.
Read more on dailyrecord.co.uk
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