Pensions - Articles - Earnings data likely to drive State Pension uplift for 2025

 The State Pension triple lock increases the State Pension by the larger of either 2.5%, inflation (remaining at the Bank of England’s target of 2% yesterday) or average earnings with both latter points taken from data released in September.

 David Brooks, Head of Policy at Broadstone, said: “It now looks likely that the average earnings figure will determine the next State Pension increase later in the year. This morning’s figure gives us a sense of how it is likely to rise when the calculations are finalised in just a few months.
 
 “With average wages growing at 5.7%, that would amount to an extra £655 every year for those in receipt of a full State Pension which would then total around £12,155 from its current rate of £11,502. The OBR forecasts that earnings are likely to fall sharply soon but that may come too late to avoid triggering yet another sizeable uplift to the State Pension.”