Sumary of Hope for pensioners as inflation surges – how much could state pension payments rise to?:
- Pensions commentator and former Member of Parliament Sir Steve Webb gave his thoughts on the news, saying it could be a positive development for pensioners as the state pension looks set to rise by more than the lower limit of 2.5 percent next year.
- Kate Smith, Head of Pensions, at Aegon said: “Following the slowdown in July, inflation increased steeply in August to 3.2 percent, largely driven by increases in the prices of recreation and restaurants, following the government’s ‘Eat Out to Help Out’ scheme last summer.
- With CPI rising steeply in August and expected to continue this path to the end of the year, state pensioners could see a substantive increase in payments in April, even with the earnings element of the triple lock stripped out.