Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Liverpool Echo
Liverpool Echo
World
Jayke Brophy & Gemma Jones

Likely new State Pension payment rates as triple lock reinstated

State Pension claimants are set to see a significant boost in their income when the payments are next reviewed.

For 2022, the rates saw a minimal increase of just 3.1% due to a temporary removal of the 'triple lock'. The 'triple lock' guarantees pension payments will increase by the highest out of inflation according to the Consumer Price Index in September, average wage increases, or 2.5 per cent.

The removal of furlough following the pandemic created an abnormal wage increase which saw the 'triple lock' scrapped. But, come the next review, those payments are expected to be significantly higher.

READ MORE: Exact date to provide a meter reading ahead of October energy bill price hike

LincolnshireLive have put together a guide on pension payments for the next year, including when the new rates will come into effect, and when they are likely to be announced. Here is everything you need to know.

When will the State Pension increase?

The updated payments for the State Pension will come into effect from April 2023. This is also when payments change for all benefits paid by the Department for Work and Pensions (DWP).

Payments are likely to be increased by the rate of inflation in September 2022 - currently, inflation sits at near 10 per cent. A rise would result on New State Pension weekly payments raising from £185.15 to around £203.70.

For those being paid every four weeks, payments would rise from £740.60 to around £814.80. Claimants of the old basic State Pension would go from £141.85 per week to around £156.05, or £567.40 to around £624.20 if paid every four weeks.

When will the updated State Pension rates be confirmed?

The official date for an announcement on update State Pension rates is yet to be confirmed. It can be estimated by comparison to last year.

In 2021, the new rates were announced by the government on November 25. If the time frame is kept to it means we are likely to see confirmation of the new rates in the coming months.

Receive newsletters with the latest news, sport and what's on updates from the Liverpool ECHO by signing up here

READ MORE:

ITV Emmerdale's Sam Gannon dies suddenly aged 31 while travelling

ITV Coronation Street Jodie Prenger's weight loss admission after shedding 9 stone

Loose Women's Carol McGiffin shows off 'new look' with 'face full of fillers'

Early warning signs of a blood clot that you should never ignore

Drivers urged to use button found in every car for money saving 'hack'

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.