State pensions increase 


State pensions will rise by 3.9% from next April.


The so-called triple lock gives pensioners a rise matching that of average earnings, inflation or 2.5%, whichever is the highest. Average earning grew 3.9% in July, while inflation under the Consumer Prices Index rose by 1.7% in September. So the rise in average earnings is applied to state pensions.


The new state pension, payable from 2016, will increase from £168.60 to £175.20 a week (figure rounded up to nearest 5p). That means an extra £343 a year.


Meanwhile, the basic state pension for a single person will increase from £129.20 to £134.25 a week – an extra £263 a year. 


However, 1.7 million single pensioners aged over 75 will be robbed of most of that £263 increase if they lose the right to a free TV licence and have to pay £150 next year.

https://www.moneywise.co.uk/news/2019-10-16%E2%80%8C%E2%80%8C/state-pension-will-rise-ps343-year-april-2020