People on the New State Pension now receive up to £203.85 each week and those on the Basic State Pension get up to £156.20, following the UK Government’s annual uprating in April
People on the New State Pension now receive up to £203.85 each week and those on the Basic State Pension get up to £156.20, following the UK Government’s annual uprating in April. However, new estimations from pensions and personal finance experts at Broadstone, indicate that another significant increase could be on the way for Britain’s 12.6 million pensioners next year - if inflation continues to decrease at its current rate.
The Triple Lock forms part of the Conservative Party manifesto and with a General Election looming next year, it seems unlikely the UK Government would tamper with the Triple Lock as it may put off older voters - however, nothing in politics is a certainty. Helen Morrissey, head of retirement analysis at Hargreaves Lansdown, also warns that scrutiny of the State Pension could intensify and the Triple Lock may fall under the spotlight as UK Government expenditure on the contributory benefit is forecast to surge in the next five years.
Top Money Stories Today The UK Government recently decided to postpone an increase in State Pension age to 68 on the basis of increases in longevity slowing down. “Brought in over a decade ago to make sure pensioners received decent State Pension increases, the Triple Lock has also been criticised in recent years for being intergenerationally unfair. The time has come for a review of the State Pension and the Triple Lock’s role within it to make sure it remains fit for purpose.”
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