THE state pension is set to rise by more than 8 per cent next year — after going up 10.1 per cent this year.
Treasury officials say the “triple lock” will push up retirees’ incomes faster than workers’ wages.
GettyThe state pension is set to rise by more than 8 per cent next year — after going up 10.1 per cent this year[/caption]
This year’s jump protected OAPs from inflation.
Next year’s is driven by the 8.2 per cent annual pay growth in the April to June period.
The triple lock sees pensions rise by the highest of inflation, average earnings or 2.5 per cent.
The Department for Work and Pensions estimates state pension payments will reach £134billion next year, a rise of £10billion.
The DWP said: “The government is committed to the triple lock.
“As is the usual process, the secretary of state will conduct his statutory annual review of benefits and state pensions in the autumn, using the most recent prices and earnings indices available.”