Millions of pensioners are set to get over £800 a month after the Department for Work and Pensions (DWP) confirmed next year's state pension rates. More than 12 million people across the UK claim the state pension and saw the triple lock restored in November's Autumn statement.
The state pension is supposed to increase each year in line with either inflation as measured by the consumer prices index (CPI), the average wage increase or 2.5% - known as the triple lock. Introduced by the Conservative/Liberal Democrat coalition government in 2010, the Tories' 2019 manifesto pledged to keep the triple lock in place for the duration of that parliament. However the triple lock was suspended during the pandemic because of an unusually large 8% rise in average earnings following the end of the government's furlough scheme.
In April pension pay rose by just 3.1% as inflation rose close to 10%, leaving millions of pensioners worried about meeting their bills. But in his Autumn statement in November Chancellor Jeremy Hunt retained the triple lock meaning that pensions will rise in line with inflation at 10.1% in April. The chancellor said this was "biggest ever cash increase in the state pension".
