It would be a substantial increase
An important update for pensioners has been shared. New figures released by the Office for National Statistics on Tuesday, September 13, have pointed to an increase of at least 5.5% for state pensioners under the triple lock system, according to one expert.
Kat Smith, head of pensions at Aegon, was reported by the Express as saying that today’s figure was important for pensioners as it is used for one of the measures in the state pension “triple lock formula”.Ms Smith said: “Under the triple lock, the state pension rises annually at the highest of earnings growth, total pay for three months to July, price inflation September CPI figure, or 2.5 percent a year.
Inflation has hit a fresh 40-year high recently with the current level in the UK being 10.1 percent. It has caused living standards to drop at their sharpest rate since post-war rationing.
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