Due to abnormally high average earnings growth figures, the state pension was on course for a rise of more than eight percent under the triple lock policy, prompting the Government to make an adjustment for one year.
However, pensioners will still get some extra cash from next April. The official rate of state pension increase will be revealed with next month’s inflation figure, but at the current rate of 3.2 percent, retirees could pick up an extra £5.75 per week.
The new state pension is currently worth a maximum of £179.60 each week, with a 3.2 percent increase taking that figure up to £185.35. That would mean a yearly total of £9,638.20, up £299 from the current amount of £9,339.20 each year.
Those receiving only the basic state pension currently receive £137.60 a week, or £7,155.20 per year. A 3.2 percent inflation rate would mean a £4.40 per week bump, increasing the weekly payment to £142. Over the course of a year, pensioners would pick up an extra £228.20, as the total for 52 weeks would go from £7,155.20 to £7,384.