Millions of older people are set for an annual increase of 8.5 per cent in April under the Triple Lock policy.
The September Consumer Price Index inflation rate will be announced on October 18 and forms part of the Triple Lock policy which is used to determine 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 , CPI inflation in the year to September or 2.5 per cent.
He added: “But I think it needs to be a very exceptional circumstance where people can see that there’s a very good reason.” “We decided not to. So I think hopefully that indicates to you the priority with which we give that particular policy.” 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.
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