Overview
- The Department for Work and Pensions is preparing the increase, taking the full new rate to about £241.30 a week, or roughly £12,548 a year.
- Pre‑2016 retirees on the full basic State Pension are projected to receive around £184.90 a week under the same mechanism.
- The frozen £12,570 personal allowance could bring more pensioners into income tax unless the threshold is changed.
- Analysts say the higher payout will lift the state pension bill as the unemployment rate has reached 5%, putting pressure on tax receipts.
- Formal confirmation typically comes at the 26 November Budget, and only 29% of people expect the triple lock to endure to their retirement, according to a Standard Life/Ipsos survey.