UK State Pension Set to Rise by £488 a Year in April, BBC Reports
Pensioners could see their annual income increase under the government's triple lock policy, according to a BBC report.
The UK state pension is likely to rise by £488 a year from April, according to a report by BBC Politics.
The increase would be applied under the government's "triple lock" policy, which guarantees that the state pension rises each year by whichever is highest: average wage growth, inflation, or 2.5%, the report said.
The BBC did not specify in the excerpt which of the three measures is expected to drive the anticipated rise, though the mechanism is designed to ensure pensioners' incomes keep pace with the cost of living or with earnings growth, whichever offers the greater benefit.
The triple lock has been a cornerstone of UK pension policy since it was introduced in 2011, and successive governments have pledged to maintain it despite periodic debate over its long-term affordability.
Further details on the exact percentage increase and how it will affect both the basic and new state pension rates were not immediately available from the BBC report.
The government is expected to confirm the final figures ahead of the new financial year, which begins in April.
Sources
- State pension likely to rise by £488 a year in April — BBC Politics
EGazette summarizes reporting from multiple sources; follow the links for the originals.
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