The State Pension rose by 3.1% this year, with the triple lock being suspended temporarily.
However, the Department for Work and Pensions (DWP) has announced in a new statement that it will be reinstated next year.
On Tuesday evening, Work and Pensions Secretary Thérèse Coffey stated that the UK Government remained committed to the triple lock.
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As reported by the Daily Express, many had feared that the policy would be removed on a permanent basis.
Coffey was questioned on the subject by her Labour counterpart Jonathan Ashworth, who asked: “Will she rule out breaking the triple lock for a second year in a row? She did not give that guarantee at the despatch box.”
The Secretary responded: “The honourable gentleman asked multiple questions, and I did answer at least one of his questions earlier. But the answer is yes, I do make that commitment.”
Pensioners will likely be pleased to hear this pledge, particularly in the face of the worsening cost of living crisis.
While there may be significant financial challenges in the immediate future, financial specialists have stated that there may be good news on the horizon regarding the State Pension.
Pensions Director at Aegon Steven Cameron said: “Looking ahead, there’s a good chance that state pensioners will be in for a bumper increase in April 2023."
He added: “The April 2023 increase will include inflation till September 2022, which could then be near its peak of eight percent or above.
“The triple lock will pay this, or even more if earnings growth is higher again.
“Without any Government tinkering, this could put state pensioners on target for a bumper eight percent plus increase in 2023, potentially the highest increase ever, compensating for the relatively low increase this April.”
However, Cameron admitted that a year could be a long time for some people to wait to "catch up".
