The Canadian Alliance of British Pensioners estimates it would cost £50 million to unfreeze 453,000 State Pensions.
The annual State Pension uprating next April looks set to be determined by the earnings growth measure of the Triple Lock after new figures were published by the Office for National Statistics earlier this week. Under the Triple Lock the New and Basic State Pension s increase each year in-line with whichever is the highest between the average annual earnings growth from May to July, Consumer Prices Index in the year to September, or 2.5 per cent.
Similarly, someone on the full Basic State Pension could see weekly payments rise by £6.80 per week from £169.50 to £176.30, or £705.20 every four-week payment period. You need at least 10 years’ worth of National Insurance Contributions to be eligible to claim the State Pensions and around 35 years for the full amount, although this may be more if you have been ‘contracted out’.
Graham Dodd, board member of the Canadian Alliance of British Pensioners told the Daily Record: “The Government's line is that they only uprate where there is a legal requirement to do so. The folly in this is that it is in their hands to pass the necessary legislation. Latest State Pension News He also said that even if you take the oft-quoted £0.94bn figure needed to resolve the issue, it still amounts to just 0.7 per cent of the total 2023/24 State Pension expenditure.
These figures are based on the UK Government's previous forecast for the average earnings growth measure for the Triple Lock at 3.6 per cent.
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