State Pension payment rates will increase for nearly 12.6 million people across the UK by 3.1% next April after the Office for National Statistics (ONS) released new inflation figures for September on Wednesday morning.
Each year, the rise in State Pension is determined by the triple lock rule which is the UK Government’s commitment to increase the value of the benefit delivered by the Department for Work and Pensions (DWP) by at least 2.5%.
The pensions triple lock, which was introduced in 2010, ensures the UK State Pension will rise in line with whichever is highest from earnings, inflation or 2.5%.
However, the earnings element of the rule has been temporarily suspended because the impact of the coronavirus crisis on wages could have
Read more on dailyrecord.co.uk
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