The UK state pension is set to increase by more than 10 per cent from April 2023 after chancellor Jeremy Hunt promised to honour the “triple lock” commitment in his Autumn Statement last November.
The “triple lock” is a guarantee that monthly payments will rise in tandem with whichever of the following three options is highest: the Consumer Price Index (CPI) measure of inflation (taken from its rate in the preceding September), average earnings between May and July of the previous year or, simply, 2.5 per cent.
