State pension set to exceed £13,000 annually from next April
New earnings data suggest the full state pension could rise to £13,036.40 a year, topping £13,000 for the first time.
The Office for National Statistics released an earnings growth rate that could lift the full state pension above £13,000 a year from next April. For pensioners who attained state pension age after April 2016, the annual amount would rise from £12,547.60 to £13,036.40, equivalent to a weekly increase from £241.30 to £250.70. Those on the basic state pension, applicable to retirees before April 2016, would see a £374.40 rise, taking the weekly payment to £192.10.
The increase is not yet final; under the triple-lock system, the Treasury will set the exact rise in the Budget after October’s inflation figures are published. The adjustment reflects the highest of earnings growth, September inflation, or a 2.5% floor. This development is being tracked as a breaking story.
Why it matters
Higher pensions affect millions of retirees and influence household incomes across the UK.
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