Downing Street has confirmed the state pension will be rising by double figures to protect pensioners from inflation. Ministers have pledged that the triple lock on pensions will return in April 2023, this raises them by the highest of 2.5% average wages or inflation.
In a written answer to Parliament, Simon Clarke, Chief Secretary to the Treasury, said this was "likely to be significantly higher than the forecast inflation rate for 2023/24." This is due to the annual pension rises being based on CPI inflation several months before they actually go up.
Pensions only rose 3.1% this year, which was much less than inflation at the time. However, it means next year they could rise over 10%. This would be more than inflation by the time the rise occurs, and benefits are also likely to rise by inflation, reports the Daily Mirror.
