Basic and New State Pension payments increased earlier this month by 10.1 per cent for some 12.6million older people across the country, as part of the annual uprating. This means people on the full New State Pension will see payments increase from £185.15 to up to £203.85 each week and those on the Basic State Pension will see weekly payments rise from £141.85 to up to £156.20.
However, Helen Morrissey, head of retirement analysis at Hargreaves Lansdown, warns that scrutiny of the State Pension could intensify and the Triple Lock come under the spotlight as UK Government expenditure on the contributory benefit is forecast to surge in the next five years.
The latest expenditure figures from the Department for Work and Pensions (DWP) show that the State Pension cost the UK Government an estimated £112.5billion to deliver in 2022/23 and is forecast to rise to £139.5bn in 2027/28, in real terms. However, in nominal terms the estimated increase is more - from £109.7bn to £147.2bn.
