Around half a million older Brits won’t receive an increase to their state pension when payments rise next April. State pension payments are due to increase by 8.5% thanks to the triple lock promise. The triple lock was introduced in 2010 and makes sure the state pension rises every April by whichever is highest out of: inflation (using the previous September rate of Consumer Prices Index inflation), wages (average growth between May and July), or 2.5%. The highest of these for this year is average wages, which was confirmed to be 8.5%. It means the full new state pension will rise from £203.85 per week to £221.20, while the full…
