State Pension to Rise by £460 Next April, ONS Data Suggest

The new full state pension is set to rise by £460 next April, the latest wages data suggest. Under the government’s triple-lock commitment to uprate pensions every year, the amount paid out to pensioners is calculated by the highest of earnings growth, inflation, or 2.5 percent—whichever is the highest figure. According to the latest data by the Office of National Statistics (ONS), the annual growth in total pay was 4 percent for the three months to July. This is much higher than the current level of inflation, currently at 2.2 percent. The inflation rate is not expected to be higher than wage growth, making the rate of pay key to the next state pension increase under the triple lock....