State pension payments could rise to £220 a week

Research carried out by Quilter has found that pensioners will receive a significant payment boost in the years to come if the Government returns to its triple lock promise. The Bank of England has predicted inflation could be 7.9 percent in the third quarter of 2023 which could result in a weekly state pension of just under £220. However, Prime Minister Rishi Sunak has yet to state his commitment to the triple lock despite his predecessors promising to return it.The triple lock is a pledge by the Government to increase state pension payments by either inflation, average earnings or 2.5 percent.Whichever is highest will be used as the determining rate for how much pensions will go up by.It was temporarily suspended last year due to wages being artificially inflated following the pandemic-era furloughs scheme.To save money, the Government scrapped the triple lock link to average earnings which resulted in pensioners missing out on a higher payment than usual.READ MORE: Britons urged to consider ‘simple’ boiler hack that could cut energy bills by £112 a year State pension payments could rise to £220 a week in 2024 if triple lock is ‘in place’ (Image: GETTY)Following this, both Boris Johnson and Liz Truss committed to returning the triple lock to full capacity.This comes as inflation has returned to a 40-year high of 10.1 percent for September’s Consumer Price Index (CPI) inflation rate.September’s inflation figures are taken into account as part of the triple lock and could be used to determine the rate of state pension increases.As well as this, the Bank of England’s prediction that inflation will remain high at 7.9 percent means older people will have a similar sky-high payment rise in 2024.DON’T MISSPIP claim: The top 5 medical conditions giving £627 a month from DWP – check eligibility [INSIGHT]’I now get money every month!’ Woman, 65, shares way she found extra money for retirement [INSIGHT]NS&I is increasing interest rates on savings accounts up to 3.7% – millions set to benefit [UPDATE]As it stands, the full new state pension is currently £185.15 a week while the basic equivalent is £141.85.If the 10.1 percent payment hike is implemented, those on the full new state pension will receive a weekly payment of £203.85.In comparison, anyone on the basic state pension will get £156.20 a week from next April if the triple lock returns.With the Bank of England’s forecast, the full new state pension will be £219.95 and the basic pension £168.55 a week.READ MORE: Attendance Allowance: 6 myths that stop millions of pensioners claiming up to £370 a month  How much is the state pension? (Image: EXPRESS.CO.UK)The financial expert outlined how the triple lock has become a ‘political hot potato’ as politicians debate as to how much the state pension should rise by.He added: ‘Pensioners across the country will be eagerly awaiting the budget with hope that the previous commitment to the triple lock will be honoured, particularly given the low increase of 3.1 percent they received in April 2022 when inflation was already around nine percent.’The triple lock is proving to be a political hot potato for the government, and Sunak will need to make a final decision either way by the autumn statement deadline to help pensioners plan for their finances, particularly at a time when inflation continues to soar and finances are so front of mind.’Regardless of the outcome, the triple lock does not work for everyone, and perhaps it may be time to assess whether there is a fairer way to raise the state pension while preventing more people slipping into the poverty net and having to choose between heating or eating.’