New and Basic State Pension weekly payment rates from next April under Triple Lock

dailyrecord.co.uk:

Some 12.6 million older people across Great Britain may not get the bumper 8.5 per cent State Pension pay rise next April as the UK Government tries to reduce spending.

On Tuesday, the Office for National Statistics (ONS) announced that earnings growth for the period between May and July was 8.5 per cent, but this figure includes employee bonuses.The figure without employee bonuses is 7.8 per cent and using this measure for the State Pension uprating next year would save the UK Government more than half a billion pounds.

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, Consumer Price Index (CPI) inflation in the year to September or 2.5 per cent.The full, New State Pension is currently £203.85 per week.

Uprating using the lower wages growth figure (7.8%) would see people receive £219.75 each week, while under the 8.5 per cent figure it would be £221.20.Those on the maximum Basic State Pension would see payments rise from the current £156.20 a week to £168.40 under an uprating of 7.8 per cent and £169.50 with 8.5 per cent.If the UK Government chooses to uprate State Pensions using the lower wages growth figure next April, it would see millions of pensioners miss out on an extra £75 in 2024.However, any attempts to amend or break the Triple Lock ahead of a general election could be costly for the UK Government.