Basic and New State Pension payments will increase next year by 10.1% after weeks of uncertainty for nearly 12.5 million older people across the UK. The Department for Work and Pensions (DWP) had declined to commit to whether the Triple Lock rule would return for the 2023/24 financial year after a temporary pause due to the economic fallout from the coronavirus pandemic.
However, in his Autumn Statement, Chancellor Jeremy Hunt confirmed State Pensions, disability and working age benefits would increase in line with the September Consumer Price Index (CPI) inflation rate of 10.1%. The rise will be implemented from April 10, 2023.
By honouring the State Pension Triple Lock it means those on the full New State Pension will see payments increase from £185.15 per week to £203.85 and those on the Basic State Pension will see weekly payments rise from £141.85 per week to £156.20.
