Though scrapping the earnings element of the state pension triple-lock means retirees missed out on a blockbuster 8.3% increase this time around.
That means pensioners are set to receive a boost of a little more than £5.50 a week – around the cost of a bottle of supermarket wine - to their weekly incomes from next April.While the flat-rate state pension will rise from £179.60 per week to £185.15 per week. Tom Selby, head of retirement policy at AJ Bell, said: “This decision will ‘cost’ someone in receipt of the full flat-rate state pension £9.35 a week in retirement income – or £486.20 over the course of the year."
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