The annual State Pension uprating is on course to be higher than the £12,570 personal tax allowance. New figures published earlier this week by the Office for National Statistics (ONS) show average regular earnings growth is currently at 4.5 per cent (including bonuses).
This is an important figure for 12.7 million State Pensioners across Great Britain to be aware of as it looks set to be the driving measure for the annual uprating , under the Triple Lock policy. Under the Triple Lock the New and Basic State Pensions increase each year in-line with whichever is the highest between the average annual earnings growth from May to July, CPI in the year to September, or 2.
5 per cent. CPI is currently at 2.2 per cent, which means the full New State Pension could rise from £221.
20 per week to £231.15 in April, and as the payment is usually made every four weeks this amounts to £924.60.
Similarly, the full Basic State Pension could rise from £169.50 to £177.15, or £ 708.
60 every four-week payment period. However, it’s important to be aware the earnings growth figure used for the Triple Lock is for the period between May to July and that won’t be published by the ONS until September. Helen Morrissey, head of retirement analysis at Hargreaves Lansdown warned while earnings growth remains “robust” and looks “highly-likely” to be the measure used to uprate State Pensions in 2025, it is also pushing more pensioners towards the tax threshold - even those whose sole incom.