State pensioners set to get payments hiked to £937 under Labour government

The Labour Party has promised to keep the Triple Lock in a major boost for UK state pensioners. The new Labour government, under Sir Keir Starmer, the new Prime Minister who beat Conservative Party leader Rishi Sunak at the polls last week, has maintained it will keep the Triple Lock.

12.7 million State Pensioners across the UK, including over 1.1 million residing in Scotland, could receive up to £234.45 each week, or £937.80 every four-week pay period in the next financial year, thanks to the long-standing rule. The policy means the New and Basic State Pensions increase annually in line with the highest of three measures: average annual earnings growth from May to July, consumer price index inflation in the year to September, or 2.5 per cent.

Annual earnings growth, including bonuses, was recorded at 5.9 per cent between February and April. This is the highest measure of the Triple Lock and could result in huge rises north of £900 for state pensioners next year, according to predictions.

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In its manifesto, the Labour Party said: "Labour will turn the page on Tory chaos with economic security and political stability. A Labour government will protect the triple lock on pensions and review the current state of the pensions and retirement savings landscape, to check if the current framework can deliver sustainable retirement incomes for people.

"We will also give the Pensions Regulator new powers to intervene where schemes fail to offer sufficient value for their members." Liz Kendall, Labour’s Shadow Pensions Secretary has said: “Retirement should be a time we all look forward to, but more pensioners than ever are renting into retirement, their children are returning home because they’re locked out of the housing market and soaring childcare costs mean pensioners are taking on more responsibilities they weren’t expecting.

“My message to pensioners at this general election is simple – look at your wallet, look at the quality of your healthcare and look at the lack of housing for your children and grandchildren and ask yourself, is this as good as it gets?”