Experts have said that a potential increase to the state pension of 8.5 could re-ignite the debate around the sustainability of the triple lock.
Pensioners could receive an inflation-busting state pension increase next year, which could re-ignite the debate around the sustainability of the triple-lock, experts have said
But wages have been rising at a higher rate, with a figure of 8.5% now being expected to be used to calculate the state pension rise. Dean Butler, managing director for retail direct at Standard Life, part of Phoenix Group, said: “As the average earnings figure published last month is higher than 6.7%, state pensioners are set to benefit from an inflation-busting 8.5% rise, taking the new state pension payment to £11,501.
“This means that the full State Pension payment has grown from 70% of the allowance in 2019/20 to a likely 92% next year, leaving pensioners with only £1,069 of headroom before they begin paying income tax. “With the burden on current workers who pay for the state pension through national insurance increasing sharply, even if the Government refrains from fiddling with the figures this time round, today’s inflation figure will only amplify calls for whoever is in power after the general election to review the triple lock to make it intergenerationally fair.”
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