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PARLIAMENTARY WRITTEN QUESTION
State Retirement Pensions (4 November 2024)

Question Asked

To ask the Secretary of State for Work and Pensions, what estimate she has made of the average increase in the State Pension in each of the next five years.

Asked by:
Alex McIntyre (Labour)

Answer

The Government has committed to uprating the basic and new State Pensions by the Triple Lock for the length of this parliament.

Based on OBR Autumn 2024 forecasts, over the course of this parliament, the full yearly rate of the new State Pension will go up by around £1,900. At the same time, the full yearly rate of basic State Pension is forecast to increase by around £1,500.

Table A.3 of the Economic Fiscal outlook sets out the OBR’s economic and fiscal forecasts in each year, including the Triple Lock uprating forecast which is the rate at which basic and new State Pension is increased by for the following financial year. For example, the 2024-25 rate will determine the rate of increase for basic and new State Pension for the year 2025-26.

Forecast year

'Triple-lock' guarantee

2024-25

4.0%*

2025-26

4.3%

2026-27

2.5%

2027-28

2.5%

2028-29

2.5%

2029-30

2.5%

* Note: After the forecast was finalised, inflation and earnings outturn data and revisions were released which have changed state pension triple lock rate for 2024-25 (to be used in uprating for 2025-26) to 4.1 per cent.


Answered by:
Emma Reynolds (Labour)
12 November 2024

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