{"id":43766,"date":"2023-10-19T15:19:04","date_gmt":"2023-10-19T15:19:04","guid":{"rendered":"https:\/\/lethal-industry.com\/?p=43766"},"modified":"2023-10-19T15:19:04","modified_gmt":"2023-10-19T15:19:04","slug":"state-pensioners-could-get-more-than-8-5-increase-next-april","status":"publish","type":"post","link":"https:\/\/lethal-industry.com\/world-news\/state-pensioners-could-get-more-than-8-5-increase-next-april\/","title":{"rendered":"State pensioners could get more than 8.5% increase next April"},"content":{"rendered":"

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State pensioners may get a pleasant surprise next April with their payments increasing by more than 8.5 percent.<\/p>\n

The average earnings figures are the key metric that will determine how much payments go up next year under the triple lock policy, providing an 8.5 percent boost to payments.<\/p>\n

Calculating the increases to the nearest penny, this would boost the full basic state pension from the current \u00a3156.20 a week up to\u00a0\u00a3169.48 a week while the full new state pension would go up from \u00a3203.85 a week to \u00a3221.18.<\/p>\n

But previous figures from LCP set out that both amounts would increase by a further 2p with an 8.5 percent increase, with the full basic state pension going up to \u00a3169.50 a week while the full new state pension will pay \u00a3221.20 a week.<\/p>\n

Express.co.uk asked former pensions minister Steve Clark, who is a partner at LCP, to clarify how the firm worked out the figures.<\/p>\n

READ MORE <\/strong> Retirees need \u00a3638,000 to live comfortably until they are 100 years old<\/strong><\/p>\n

He explained: “They are normally rounded to 5p intervals. I suspect when earnings is used they round up\u00a0otherwise the increase would not strictly keep pace with the legal requirement to increase in line with earnings.”<\/p>\n

With these increases, the full basic state pension would go up to \u00a38,814 a year while the full new state pension would increase to \u00a311,502.40.<\/p>\n

But figures from interactive investors suggest that by the time the increase comes in next April, a pensioner will need \u00a314,143 a year for a basic retirement.<\/p>\n

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This means even an individual on the full new state pension will need to find an extra \u00a32,600 to get by. A person on the full basic state pension would need an extra \u00a35,300.<\/p>\n

Alice Guy, head of pensions and savings at Interactive Investor,\u00a0told\u00a0Express.co.uk\u00a0what state pensioners should do if they face a shortfall in funds.<\/p>\n

She said: \u201cIf you\u2019re short of money in retirement then it\u2019s important to make sure you\u2019re claiming everything you\u2019re entitled to.<\/p>\n