{"id":43776,"date":"2023-11-22T13:19:05","date_gmt":"2023-11-22T13:19:05","guid":{"rendered":"https:\/\/cabanesetcompagnie.com\/?p=43776"},"modified":"2023-11-22T13:19:05","modified_gmt":"2023-11-22T13:19:05","slug":"state-pensions-will-rise-900-next-year-as-triple-lock-honoured","status":"publish","type":"post","link":"https:\/\/cabanesetcompagnie.com\/world-news\/state-pensions-will-rise-900-next-year-as-triple-lock-honoured\/","title":{"rendered":"State pensions will rise \u00a3900 next year as triple lock honoured"},"content":{"rendered":"

Jeremy Hunt announces pension change<\/h3>\n

State pensioners will get a 8.5 percent increase to their payments from next April in line with the triple lock policy.<\/p>\n

Chancellor Jeremy Hunt confirmed the increase in his autumn statement today. Mr Hunt confirmed that he would stick with the triple lock calculation for next April\u2019s rise rather than stripping out public sector bonuses to pay a lower rate of 7.8 per cent.<\/p>\n

The full new state pension will go up from \u00a3203.85 a week to \u00a3221.20 a week, basic state pension will go up from \u00a3156.20 a week to to \u00a3169.50 a week, an increase of almost \u00a3700 a year.<\/p>\n

Sian Steele, head of Tax at professional services and wealth management firm Evelyn Partners, said: “This will be very welcome to those receiving, or about to receive, the state pension at a time of rising living costs.<\/p>\n

“With an election on the horizon, the political consequences of tinkering with the triple lock might have figured in the Chancellor\u2019s calculations. Whether the state pension can be increased in the same way over the long term alongside an ageing population is another question.”<\/p>\n

READ MORE <\/strong> 1.2 million state pensioners forced to cut costs by up to \u00a3166 a month<\/strong><\/p>\n

A person typically needs 35 years of National Insurance contributions to get the full new state pension and 30 years of contributions to get the full basic state pension.<\/p>\n

Research from Just Group looking at ONS data found there are 1.2 million retired households who rely on their state pension for three quarters of their income.<\/p>\n

A single retired person needs at least \u00a312,800 a year to get by, according to estimates from the Pension and Lifetime Savings Association. This is over \u00a32,000 more than the current full new state pension. A couple need at least \u00a319,900 just to get by.<\/p>\n

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Dean Butler, managing director for Retail Direct at Standard Life said: “There will be no fiddling with the triple lock formula this year as the Chancellor confirmed his intention to offer those in receipt of the state pension the full 8.5 percent due as a result of increases to average earnings.<\/p>\n

“There had been some speculation that we may see a reduced offer of 7.8 percent to reflect the fact that some of the earnings growth was due to a one off payment to public sector workers.<\/p>\n

“The last couple of years have seen exceptionally large increases applied to the triple lock as a result of inflation and wage growth and questions surrounding the growing cost remain. A proposed review of the state pension was pushed out earlier this year reflecting the highly sensitive nature of the policy this side of an election.\u201d<\/p>\n

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