UK. State pension to hit £10,600 as triple lock returns – up to £1,000 extra income next year
The State Pension could rise by almost £1,000 to more than £10,600 a year as inflation rockets past 10 percent and the triple lock is restored.
This would be the single biggest increase ever and could see the new State Pension top £10,600 a year. However, those who retired before April 6, 2016, on the old State Pension will get a smaller increase.
Yesterday, the Bank of England forecast that inflation would hit a staggering 10.25 percent in the fourth quarter.
That would be the highest rate of consumer price growth since 1982, taking the cost of living crisis to terrifying new heights.
Yet there should be a silver lining for pensioners, as Chancellor Rishi Sunak has indicated that he will restore the triple lock next year.
That guarantees to increase the State Pension by inflation, earnings or 2.5 percent, whichever is highest.
Inflation is on course to be the highest of the three by far, handing State pensioners a bumper pay rise. This will partly make up for Sunak’s decision to suspend the triple lock lot for the 2022/23 financial year.
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