Chancellor Jeremy Hunt has announced that State Pension, Pension Credit and benefits will be uprated in line with inflation next year. Delivering his Autumn Statement to the House of Commons on Thursday, Mr Hunt confirmed an increase of 10.1% from next April at a cost of £11 billion for the UK Government.
By honouring the State Pension Triple Lock guarantee it means those on the full New State Pension will see payments increase from £185.15 per week to £203.85 and Basic State Pension weekly payments rise from £141.85 per week to £156.20.
Commenting on the State Pension uprating, Helen Morrissey, senior pensions and retirement analyst at Hargreaves Lansdown, sLid: “After weeks of speculation about whether the Triple lock would return next year many pensioners will be viewing today’s news with a sigh of relief. The decision to uprate Pension Credit by 10.1% comes as a welcome surprise and will boost the income of single pensioners to around £201 - they will also be in line for cost of living payments of £900.”
