Pensioners are expected to get a higher-than-inflation rise as part of Rachel Reeves’ upcoming budget.
Speculation is rife this week about the chancellor’s autumn budget, which she will finally deliver on Wednesday.
Much of the speculation is surrounding what tax rises Reeves will announce in the budget, but it seems one group who might be left happy are pensioners.
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According to reports, 13 million pensioners will get an above-inflation boost of 4.8% to their pension. Those on the full rate of the new state pension are set to benefit by more than £550 a year, whilst those on the old rate will get an extra £440.
The government is also expected to reaffirm its commitment to the triple lock.
“Whether it’s our commitment to the triple lock or to rebuilding our NHS to cut waiting lists, we’re supporting pensioners to give them the security in retirement they deserve,” the chancellor said.
On the flip side though, those saving for a pension could be hit. Reeves is believed to be considering limiting how much workers can put in their pension pots under sacrifice schemes before paying national insurance.
Over the weekend, further details about what we can expect in the budget were leaked and reported.
One of the main headlines was that Reeves is set to scrap the two-child cap whilst also extending a crackdown on benefit fraud.