The full state pension is set to rise by over 10% next year after Liz Truss today claimed she will keep the triple lock.
Under the triple lock promise, the state pension will go up next April by the level of inflation in September.
Official figures out today show that September inflation was 10.1%.
If the triple lock guarantee is kept in place, this means the full state pension will rise from £185.15 to £203.85 per week next year.
This marks an increase of £18.70 a week - or £972.40 over the year.
The basic state pension would increase from £141.85 per week to £156.20 per week under the triple lock - up £14.35 a week or £746.20 over the year.
The triple lock sets how much the state pension rises - either by the rate of inflation, 2.5% or average earnings growth, whatever is highest.
The Conservatives did abandon the triple lock for the 2022/23 financial year, bringing in the temporary "double lock" rule instead.
At the time, bumper growth in earnings meant the state pension would have risen by 8% this financial year, so the Tories raised the benefit by inflation - 3.1% at the time.
Just days ago the PM was vowing she would honour the Tory manifesto pledge even if other benefits are cut.
But questioned earlier this week, her new Chancellor Jeremy Hunt pointedly refused to guarantee it.
He told MPs: “I am not making any commitments on any individual policy areas, but every decision we take will be taken through the prism of what matters most to the most vulnerable.”
And yesterday No10 refused four times to guarantee the triple lock will stay in place as part of a wave of cuts.
But in the Prime Minister's Questions this afternoon, Prime Minister Liz Truss said: "We have been clear in our manifesto that we will maintain the triple lock and I am completely committed to it - so is the Chancellor"
The Tories have promised that the triple lock would be back for the 2023/24 year, starting in April 2023.
If the Conservatives renew the double lock next year but ditch the inflation part, it would mean the state pension going up by 2.5% or earnings growth, which was 5.5% in the qualifying period.
Experts at stockbroker AJ Bell said if the 5.5% earnings growth figure was used, the full state pension would rise to £195.35 per week, while the basic state pension would rise to £149.65 a week.
The bombshell move would hit pensioners, many of whom are core Tory voters, with a real-terms income cut - just as many people's bills top £4,000 a year in April as the Energy Price Guarantee is scaled back to the neediest.
Helen Morrissey, senior pensions and retirement analyst at Hargreaves Lansdown: “In the latest twist in the triple lock saga, Prime Minister Liz Truss has again re-iterated commitment to the state pension triple lock which means pensioners could be in line for a 10.1% increase next year.
“This comes after new Chancellor Jeremy Hunt initially refused to confirm the triple lock would be returning after being suspended last year.“
Millions of Brits could also have retirement delayed as ministers look at raising the state pension age to 68 as soon as 2035.
State pension age is currently 66 but is gradually increasing for men and women. It will reach 67 between 2026 and 2028, before then rising to 68 between 2044 and 2046.
But a review - which will report back by May next year - is looking at whether to bring forward the pension age of 68 to 2037-39.
Under the Pensions Act 2007, the State Pension age for men and women will increase from 67 to 68 between 2044 and 2046. It is thought ministers could bring this forward into the next decade in a bid to boost Treasury coffers.
The Pensions Act 2014 requires the Government to regularly review State Pension age. The next review must be published by May 7, 2023.
The previous review carried out by Sir John Cridland in March 2017 suggested raising the State Pension age to 68 between 2037 and 2039 and experts now fear it could be brought in even earlier than that following Ms Truss' refusal to rule out the idea.
