Here is a look at how much they could get: Wage figures released by the Office for National Statistics (ONS) last Tuesday suggest the increase will be £460 for people who receive the full new state pension. The new state pension, for people who reached state pension age after April 2016, should rise from £11,502 to around £11,962 annually from next April. Someone on the old full basic state pension would see their pension rise from £8,814 to £9,167 per year — an annual increase of around £353.
Labour has committed to the triple lock, which means that the state pension increases every April in line with average total earnings growth in the year from May to July of the previous year, CPI (Consumer Prices Index) inflation in September of the previous year, or 2.5%. The ONS said total pay increased by 4% in the three months to July.
With inflation running at more subdued levels, the wage figure is expected to be the one that determines the increase this time around. But the figure is subject to possible revisions in next month’s data and any decision on a pension increase will be made by Work and Pensions Secretary Liz Kendall ahead of October’s Budget. Many pensioners do not receive the full state pension and so they will not see the full cash increases.
Recent analysis released by Royal London revealed only around half of people receiving the new state pension last year were getting the full weekly amount — and around 150,000 were on less than £100 per week. The .