State pension set to rise to nearly £250 per week from April
Summarised from 2 outlets · Updated 21 Oct, 15:02 · Archive
The state pension is expected to increase by 3.9 per cent to £250.70 a week from April 2027 under the Government's Triple Lock commitment.
The state pension is expected to increase by 3.9 per cent from April 2027, raising the weekly payout to £250.70 from the current £241.30, and bringing the annual amount to £13,036.40 for those who reached state pension age after April 2016.
The projected rise follows September CPI figures released on 21 October showing inflation at 3.5 per cent. This is lower than the Office for National Statistics average earnings growth figure, so did not affect the Triple Lock mechanism. The Government has previously committed to keeping the Triple Lock in place until the end of the current Parliament.
Under the Triple Lock system, the state pension increases each April in line with whichever is highest of three measures: inflation, average earnings growth, or 2.5 per cent. Andrew King, pensions specialist at Evelyn Partners, noted that the Prime Minister has announced Labour's intention to reform the Triple Lock to a 'double lock' at the next election. He said that under a double lock using the higher of inflation or 2.5 per cent, the 2027/28 increase would be 3.5 per cent instead of 3.9 per cent.
How it is being reported
- State pension tipped to increase by nearly £500 a year as weekly payments reach £250The full new state pension could rise from £241.30 to £250.70 a week from April 2027, taking the annual payout to £13,036.40.North Wales Chronicle · 21 Oct, 14:25
- State pension tipped to increase by nearly £500 a year as weekly payments reach £250The full new state pension could rise from £241.30 to £250.70 a week from April 2027, taking the annual payout to £13,036.40.North Wales Pioneer · 21 Oct, 14:25
In this story: Labour · Andrew King · Evelyn Partners
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