THE state pension could rise to more than £12,000 a year from next April under the Government's "triple lock" pledge, experts predict.
The promise ensures pensions increase by the highest out of average earnings, inflation or 2.5 per cent. With inflation now down to two per cent, it is likely wage growth will again be the trigger for next April's increase.
Data out yesterday from the Office for National Statistics showed average wages grew by 5.7 per cent in the three months to May.
All eyes will be on figures published in September, which normally influence the following year's state pension uplift.
David Brooks, head of policy at consultancy Broadstone, said: "With average wages growing at 5.7 per cent, that would amount to an extra £655 every year for those in receipt of a full state pension which would then total around £12,155 from its current rate of £11,502."
This story is from the July 19, 2024 edition of Daily Record.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the July 19, 2024 edition of Daily Record.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
IT'S A PESSA CAKE
PRINCIPESSA (4.30) looks regal for John Butler in the novices' handicap hurdle at Worcester.
LOVIN' GRIT
Gunners boss insists winning ugly was a work of Art
IRISH CRIES
Agony for home hero Rory as great Dane Ras triumphs
Priceless heli heroes saved son's life after he swallowed a £2 coin
Boy struggled to breathe after freak accident playing game
"Garish' Flamingo Land project in £40m D-Day
Hearing to decide fate of resort at Loch Lomond beauty spot
We need a Doc on Coll
GP retirement sparks hunt for island medic
I was lucky I already knew Michael...when you know someone you can trust them
Davina McCall fronts a show where singletons' grownup kids help them find love with a stranger but her own approach to romance was the complete opposite.
DEBT 'RESCUE' BOSS SLAMMED
Firms in trouble told they could 'go bust without consequence'
John Torode: I felt I had 9 lives after horror horse fall
Presenters open up on double riding accident
We won't be bullied by Putin
Lammy blasts 'shameless grandstanding' after Russian despot's war threats to Nató