The state pension payment is set to hit £10,000 a year for the first time. The maximum "new" state pension is currently £185.15, which amounts to £9,627.80 a year. However, this will increase next year due to inflation - as Mirror Online reports.
The triple lock sets how much the state pension rises every year. This political agreement means pensions go up by whatever is highest out of the rate of inflation, 2.5% or average earnings growth.
The highest of three is likely to be inflation, which is currently 9.1% and predicted to top 13% later this year. The key will be what inflation is in September this year - as that is what the State Pension rise in April 2023 would be based on.
