The latest figures from the Department for Work and Pensions (DWP) show that in August the number of people receiving the State Pension rose by 1.1% to 12.5 million across the UK, of which more than one million are living in Scotland.
State Pension increases every year as part of the annual benefits uprating and due to the current record-breaking Consumer Price Index (CPI) inflation figure, which came in at 9.9% for August, pension experts are predicting a “significant” increase for millions of people next year.
In April this year, benefits delivered by DWP and State Pension, increased by 3.1% following the temporary suspension of the triple lock guarantee. The triple lock rule ensures that State Pension increases each year in line with whichever is highest of inflation as measured by the CPI, average earnings, or 2.5%, however, the average earnings benchmark was suspended for the 2022/23 financial year due to the economic impact of the coronavirus pandemic, but the DWP insisted earlier this year that this was for one year only.
