The new full state pension is expected to rise by £460 a year from April, latest wages data suggests – but almost 500,000 pensioners miss out on this uplift. Under the triple lock, the state pension increases each year in line with either the rate of inflation in September, average earnings for May to July or 2.5 per cent; whichever is the highest. Average earnings including bonuses in the three months to July, which are used to calculate the state pension triple lock, grew by four per cent, much higher than inflation at 2.2 per cent. As wage growth sits at four per cent, the new state pension…
