A leading independent pensions, investments and employee benefits specialist has said that ‘sticky inflation’ is likely to add hundreds of pounds to the State Pension next year
. In April, State Pension and most benefits increased by 10.1 per cent as part of the annual Department for Work and Pensions uprating.
However, the unchanged May inflation figure of 8.7% could see pensioner households receive another bumper boost next April. Broadstone has calculated that if the Consumer Price Index stays at its current level of 8% the State Pension would rise by £848 to £11,448 a year and even if inflation drops to 6% it would still drive a £636 increase.
“Given the delicate state of the Uk Government’s finances it will raise further questions around the viability of the Triple Lock. That said, it would take a brave Prime Minister to break a key manifesto pledge for the second time in three years so close to a General Election.” Top Money Stories Today Estimated State Pension payments from April 2024 The estimated calculations below show the current annual rates for the full New and Basic State Pensions.
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