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The state pension will be rising again next year.<\/p>\nMillions of retired people set for bank account boostThe state pension will be rising again next year.<\/p>\n
Millions of state pensioners are set for a \u00a3236 boost next year, according to latest forecasts.<\/p>\n
The triple lock policy ensures pension payments increase every year.<\/p>\n
While the exact amount won’t be known until later this year, the Government has a forecast it bases its planning on.<\/p>\n
READ MORE: Schools to fine parents from new September term over tough rules<\/a><\/p>\n Get our best money saving tips and hacks by signing up to our newsletter<\/a><\/p>\n Based on those forecasts, the state pension is currently set to rise by 2.5% next April.<\/p>\n This would result in weekly payments of \u00a3236 for those on the new state pension, up from the current \u00a3230.<\/p>\n Annually, the rate would go from the current \u00a311,973 up to \u00a312,272.<\/p>\n Everyone who retired after 2016 is on the new state pension, while those who are older are on the basic state pension.<\/p>\n Earlier this year, the state pension increased by 4.1%, which was close to the Government’s forecast of 4%.<\/p>\n The triple lock ensures the rate increases each year to match whatever is highest out of inflation, wage growth or 2.5%.<\/p>\n Breaking news straight to your WhatsApp<\/p>\n BirminghamLive readers get the very latest breaking news through our WhatsApp community<\/a>.<\/p>\n All you have to do is click this link<\/a> and select ‘Join Chat’ and you are in.<\/p>\n We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don\u2019t like our community, you can check out any time you like by selecting ‘exit group’.<\/p>\n