State Pension claimants are set to see a significant boost in their income when the payments are next reviewed.
For 2022, the rates saw a minimal increase of just 3.1% due to a temporary removal of the 'triple lock'. The 'triple lock' guarantees pension payments will increase by the highest out of inflation according to the Consumer Price Index in September, average wage increases, or 2.5 per cent.
The removal of furlough following the pandemic created an abnormal wage increase which saw the 'triple lock' scrapped. But, come the next review, those payments are expected to be significantly higher.
