18/11/2022

 

In the 2022 Autumn Statement, the Chancellor confirmed that the triple lock will be reinstated from April 2023 and so the State Pension will rise in line with September’s inflation rate (10.1%) from 6 April 2023.

The ‘triple lock’ is designed is to make sure that the State Pension doesn’t lose value over time. It guarantees that, each year, the State Pension will rise by the highest of three measures - average earnings, inflation (CPI), or 2.5%.

This means that in the 2023-24 tax year, the full new state pension will be £10,600 per year.

For more information, or to get an estimate of your State pension, visit: https://www.gov.uk/new-state-pension