Triple lock honoured and state pensions will surpass £10,000 next year
Millions of retirees will receive the biggest pay rise on record next spring as the state pension is on track to soar past £10,000.
The Government confirmed it would keep its “triple lock” manifesto promise and the weekly new state pension will rise to £204 from April 2023, equivalent to £10,600 a year and £972 higher than current levels.
The older basic state pension will increase to £156 a week or £8,122 each year. Chancellor Jeremy Hunt confirmed his commitment to the triple lock, which promises to increase the state pension every April in line with the highest of the previous September’s inflation, wage growth or 2.5pc.
Speaking to MPs in the House of Commons today, Mr Hunt said: “The cost of living crisis is harming all pensioners…we will fulfil our pledge to the country to protect the pensions triple lock. To the millions of pensioners who will benefit from this measure, I say now and always, this Government is on your side.”