The state pension is likely to rise by 4.7% in April, after the latest official figures showed this was the pace of wage growth. <\/p>\n
The pension is determined by the triple lock, which means it will rise every year by whichever is highest: inflation in September, average weekly earnings from May to July or 2.5%.<\/p>\n
Inflation in September is expected to be 4% by the Bank of England, meaning wage data, released by the Office for National Statistics (ONS) on Tuesday, is set to be the highest figure.<\/p>\n
Government retains control of pension increases and, despite commitments, could decide not to abide by the triple lock.<\/p>\n
The new pension sum will start being paid in April, and if increased by 4.7% would reach \u00a312,534.60, above \u00a312,000 for the first time ever.<\/p>\n
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