State pension increase greater than expected


The state pension is expected to rise by 3.9% in April 2020 – more than double the rate of inflation and the largest increase for some time! The increase equates to just over £6 per week if you receive (or will receive in the future) the full state pension.

Because Tory ministers pledged to protect the state pension with a ‘triple lock’, it rises by inflation, 2.5% or the average earnings – whichever is highest. I t would seem that average weekly earnings rose by 3.9% in the year May to July, prompting the proposed increase.

But, before we get too excited, the increase still has to be approved by Parliament!

In addition, following the announcement that those over 75 will now have to pay for TV licences, they will actually only receive about half of the increase if it is all approved.

Jasmine Lambert Chartered Financial Planner
Jasmine Lambert

Jasmine is the Managing Director and a Chartered Senior Financial Planner at Redwood Financial. She helps clients manage and grow their wealth and protect their estate. Jasmine also provides expert advice in our FREE Redwood Webinars, where you can learn more about Wills, Trusts and Estate Planning.

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