The triple lock will increase by earnings growth as it was higher than inflation
The previous increase was 10.1 per cent, in line with last September’s inflation figure, but next year it will increase by
Pensioners will get around £221 a week – up from the current £203.85. For those on the basic state pension, which applies to those who reached state pension age on or before 5 April, 2016, they will receive £169.50 a week, up from £156.20. As a result of the increase, today’s figures would be expected to increase the number of pensioners paying income tax to 9.15 million, an increase of around 650,000, according to LCP.
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