The triple lock should guarantee an increase in line with average earnings, inflation or 2.5%, whichever is highest
Pensioners may not get a bumper 8.5% increase in the state pension next year as ministers try to limit the cost to the taxpayer.
An 8.5% rise in the full new state pension could take it from around £204 per week to £221, or from around £10,600 to around £11,502 annually. But a smaller rise of 7.8% would instead take it from around £204 per week to around £220, or around £11,427 annually.A rise in the basic state pension of 8.5% would take it from around £156 per week to just under £170, or from around £8,122 to £8,814 per year. But a 7.
Mr Stride said the Government remains committed to the triple lock. But asked whether that would be based on earnings including bonuses, the 8.5% figure, he told BBC Radio 4's World At One: "There clearly is a difference if you take into account the non-consolidated elements of pay in recent times, but these are all decisions that I have to take with the Chancellor as part of a very clear process, a statutory process actually, that I go through in the autumn.
Put to him that he was not ruling out using a lower figure based on earnings without bonuses, around 7.8%, Mr Stride said: "I'm not going to get drawn into those kinds of questions." Estimates on average earnings are produced by the Office for National Statistics , with the figure for May-July typically used for that element of the triple lock.
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