Millions of people are set to have more money in their pockets from April when state pension rates are increased. The UK government is restoring the pension triple lock in April which will see rates rise in line with September's CPI figure of 10.1%.
The pension triple lock previously guaranteed that the basic and new state pension rates increase each April - the start of the new financial year - in line with the previous year's inflation figure. However, the lock was suspended by the UK government as the cost of living crisis caused inflation to rise over 10% last year, a 40-year high.
There had been fears the lock would not return, meaning pensioners faced a real-terms loss in income this year at a time when millions are struggling to afford food and heat their homes. But in his autumn statement in November Chancellor Jeremy Hunt said that he would be honouring the rule which will now result in older people set for an income boost from April 2023.
