The annual State Pension uprating is on course to be higher than the £12,570 personal tax allowance.
New figures published earlier this week by the Office for National Statistics show average regular earnings growth is currently at 4.5 per cent . This is an important figure for 12.7 million State Pension ers across Great Britain to be aware of as it looks set to be the driving measure for the annual uprating, under the Triple Lock policy.
However, it’s important to be aware the earnings growth figure used for the Triple Lock is for the period between May to July and that won’t be published by the ONS until September. The full New State Pension is currently worth £221.20 each week, £884.80 each pay period and £11,502 over the 2024/25 financial year.
Similarly, someone on the full rate of the Basic State Pension currently receives £169.50 each week, £678 every four-week pay period, or £8,814 over the 2024/25 financial year. A 4.5 per cent rise would see annual full Basic State Pension payments rise to £9,211, leaving just £3,359 before it exceeds the Personal Allowance.
“Being unable to work during this period can have catastrophic effects on people’s ability to prepare for a decent retirement, as well as managing day to day. The latest data from the Hargreaves Lansdown Savings and Resilience Barometer shows only 38 per cent of households are currently on track for a moderate retirement income so there is already a mountain to climb. How to deal with the impact of long-term illness on the workforce will be a major challenge facing the new Labour Government.
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