THE pension is expected to increase next year, in what would be a major boost to Fermanagh pensioners.
Many elderly residents in the county have been left concerned for their futures following the ongoing cost-of-living crisis and rise in price hikes, with calls for support from governments.
It has now been reported that the state pension could be set for an increase in its rollout in April 2026.
Financial experts are predicting that, when the pension sum starts being paid, it could jump by 4.7 per-cent, with the figure rising to £12,534.60, which would be above £12,000 for the first time.
While major pressure continues to mount on the UK Chancellor, Rachel Reeves, it’s hoped the increase in pension awards would help the elderly and most vulnerable across our society.
“The OBR estimates that will mean a rise in the state pension of around £1,900 a year over the course of the parliament,” Work and Pensions Secretary Pat McFadden, pictured left, told Sky News.
“That’s something that we said we will do in the election and something that we will keep to.”
Earlier this year, the UK Government confirmed it was working on publishing a final report from its Pensions Investment Review, with a range of reforms expected to be announced later this year.
The UK Chancellor, Rachel Reeves, admitted that changes could be on the way for pensioners.
“These reforms mean better returns for workers and billions more invested in clean energy and high-growth businesses,” the UK Chancellor told BBC News, ahead of the pension reforms report.