Pensioners are set to receive £11.50 less per month than was originally expected due to the newly released earning figures dropping down to 4.5%. The UK state pension increases annually under the triple lock system, which is based on inflation, earnings or 2.5%, whichever is highest. Each year's triple lock increase is based on the consumer price inflation figure from September of the previous year, and earnings growth over three months from May to July.
' She continued: 'If the figure were to remain the same next month, then we could see the full new state pension get a boost of around £517 taking it to approx. £12, 019 per year. Such an increase will be welcomed by pensioners still dealing with the cost-of-living crisis. However, many are still reeling from the news that their Winter Fuel payment is to be taken away, so it won't be quite the boost that many hoped for.