The state pension is on course to rise above £13,000 a year for the first time from next April, according to new wage data which is used to calculate the increase.
The full new state pension – paid to those who reached state pension age after April 2016 – is set to rise from £12,547.60 to £13,036.40 a year, or from £241.30 to £250.70 a week, based on the earnings growth figure published by the Office for National Statistics on Tuesday.
The full basic state pension, paid to those who reached pension age before April 2016, would rise by £374.40 a year on the same basis, from £184.90 to £192.10 a week.
The rise is not yet confirmed. Under the triple lock, the state pension increases each April by whichever is highest of earnings growth, September’s inflation figure or 2.5 per cent, with the final number set by the Treasury at the Budget once inflation data is published in October.
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