State pension to get double-digit pay rise next year under triple lock

Jeremy Hunt is asked if state pension will rise in April

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The Office of National Statistics has confirmed the Consumer Price Index (CPI) rates have hit double-digits once again, rising to 10.1 percent in the year to September 2022. This could award state pensioners with a bumper pay rise, undoubtedly offering much-welcomed additional support for the country’s more financially vulnerable while costs rise.

The Government previously suspended the triple lock for annual state pension increases for 2022-23 to avoid a disproportionate rise in payments due to the unusually high wage inflation compounded by the pandemic.

However, while it was confirmed earlier in the year that the triple lock scheme could be reinstated for 2023 in view of rising costs, the Tories refused to commit to the pledge in a House of Commons debate held on Monday.

But, if it is to go ahead, pensioners should expect a significant increase in their state pension based on today’s figures.

By honouring the triple lock, it means the highest percentage out of inflation, wage increases, or the figure of 2.5 percent, will be used to decide how much the state pension will increase.

With inflation significantly exceeding the two other measurements, this will be the rate applied as an increase to the current figure.

There are two different state pensions available for eligible pensioners; the basic state pension and the new state pension.

Rates vary, but pensioners receiving the basic rate can currently get up to £141.85 per week, while those who qualify for the new state pension can currently receive up to £185.15 per week.

Considering the latest inflationary increase, pensioners should see a further 10.1 percent added to these rates from April 2023.


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