Jon King

State Pension recipients could receive an annual increase of about £540 next year if the triple lock is determined by current total wage growth of 4.3%. The rise would add £10.30 to the weekly payment for those receiving the full State Pension, taking it to £251.60. Andy Burnham has reaffirmed Labour’s commitment to the triple lock, but the policy faces growing scrutiny because of its long-term cost. The Office for Budget Responsibility projects State Pension spending could rise from 5% to around 9% of GDP by 2075-76, while the OECD has urged the Government to prepare for reform.