Pensions are protected by the triple lock policy. So pensions go up each year by either 2.5%, inflation, or earnings growth. Whichever is biggest.
Next year the state pension is set to increase by 4.7% – that’s total pay growth.
That’s going to result in an extra £560 a year for some pensioners.
Now, the state pension is the second largest item in the government budget. That’s after health spending.
Credit to : Jeremy, Storm & Vanessa On 5