State pension increase confirmation
The state pension will rise by 4.8% to £12,548 a year next April, as confirmed by the Chancellor. This increase follows the triple lock guarantee, which uses the highest figure among inflation, average earnings growth, or 2.5%.
Key details
- Increase rate: 4.8%
- New annual pension: £12,548
- Mechanism: triple lock guarantee
- Benchmarks considered: inflation, average earnings growth, or 2.5%
The triple lock ensures the pension grows based on the best of three metrics: inflation, earnings growth, or a minimum 2.5% increase.
Author's note
The official announcement aligns the next year's pension with the highest of three economic indicators, providing a predictable uplift for recipients.
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