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State pension rise confirmed as pensioners miss out on ‘highest rise in a decade’

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The payment will rise by 3.1 percent next year.

The new full state pension will be around £185.17 per week for the 2021/22 tax year, up by £5.57 from the previous year when it was £179.60.

This means recipients of the new full state pension will pick up an extra £289.64 per year, as their income goes from £9,339.20 for a full 12 months up to £9,628.84.

Meanwhile, people receiving the full basic state pension will see their weekly income rise by £4.27 each week, up from £137.60 to £141.87

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Full basic state pension recipients will earn an additional £222.04 next year, taking their income from £7,155.20 to £7,377.24.

The increase in inflation has been confirmed this morning after the Consumer Prices Index for the 12 months to September 2021 was revealed, with the rate of inflation for that period clocking in at 3.1 percent.

This will be a shock to many, with the Bank of England previously predicting that inflation would be higher than four percent for the year to September, after coming in at 3.2 percent for the 12 months to August.

This came after inflation jumped up from just two percent for the year to July 2021, but the rate has now surprisingly dropped, leading to today’s confirmed figures for the value of the state pension for the 2021/22 tax year.

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