State pension increase rates pensioners could expect in April 2023

So, according to AJ Bell, if earnings growth of 5.5 percent is used instead:The full-flat rate state pension would rise to £195.35 per week, which amounts to £8.50 per week (or £442 per year) less than a 10.1 percent inflation-linked increase.The basic state pension would rise to £149.65 per week, amounting to £6.55 per week (or £340.60 per year), less than the inflation-linked increase.In terms of the extra number, if the wage growth metric was also scrapped and the state pension only rises by 2.5 percent, the following rates could apply:The full flat-rate state pension would increase to £189.80 per week, which amounts to £9,869.60 per year.The basic state pension would increase to £145.40 per week, amounting to £7,560.80 per year.Tom Selby, head of retirement policy at AJ Bell, commented: ‘If the triple-lock was meant to provide retirees with retirement income security and certainty, it is hard to argue that has been the case for the last two years.’The earnings element of the triple-lock was axed for this year’s increase after a spike in average wages last year, while the inflation element has come under threat for next year’s increase after CPI came in at over 10 percent in September.’Pensioners need clarity from the new Prime Minister over what the state pension is likely to rise by next year, so they have the certainty to plan ahead of a difficult winter.’While Sunak’s predecessor, Liz Truss, committed to the triple lock in what turned out to be her final Prime Minister’s Questions, the chancellor, Jeremy Hunt, had pointedly refused to do so before her intervention. Given the current focus on fiscal conservatism, it is hard to be absolutely confident whether or not Truss’ triple lock commitment will be retained by Sunak.’Mr Selby continued: ‘The impact of the decision will be huge for retirees. Increasing the full flat-rate state pension in line with September’s 10.1 percent inflation figure would push it to £203.85 per week.”If this element of the triple-lock is abandoned and average earnings growth of 5.5 percent is used instead, however, the figure will be £195.35 per week.