An important update for pensioners has been shared. New figures released by the Office for National Statistics (ONS) on Tuesday, September 13, have pointed to an increase of at least 5.5% for state pensioners under the triple lock system, according to one expert.
The ONS figures show wages in "real terms" fell by 2.8 percent from May to July this year. The average workers' total pay excluding bonuses was 5.2 percent while for those with bonuses it was 5.5 percent. Wage growth figures are an important factor in the possible increase to the state pension in April next year.
Kat Smith, head of pensions at Aegon, was reported by the Express as saying that today’s figure was important for pensioners as it is used for one of the measures in the state pension “triple lock formula”.
