State pension to rise by 8.5% to £221.20 a week as Chancellor confirms 'triple lock'

The state pension will rise by 8.5% from April 2024, as Jeremy Hunt said the Government would not abandon the “triple lock”.

Under the pension triple lock, the value of the state pension rises by the highest of inflation, wages or a flat 2.5%. But with wage growth hitting a record high over the Summer, questions were raised over whether the Government could continue to keep the measure in place.