State Pensions cut by up to £222 in real terms as cost of living soars

State pensions across the UK will be cut by hundreds of pounds in real terms this year according to a new analysis.

While the pension will increase by £5.50 a week, this will be outstripped by soaring living costs.

Due to the increasing costs of energy, water, mortgages and food, pensioners will each be £222 worse off - according to Labour.

READ MORE: More pensioners now eligible for council tax reductions - here's how to apply

For a couple it will be worth around £355 less, reports The Mirror.

The Government has announced £350 towards rising energy bills for some homes in England.

But £200 will only arrive in October and has to be paid back at £40 a year for five years from April 2023.

The other £150 arrives in April and will only go to households in council tax bands A to D in England.

The state pension is rising in April but it is based on September’s 3.1% inflation figure - which is already well behind inflation of 4.8%. Wales Online reports.

While the pension will increase this year in actual numbers, those receiving it will be worse off.

Normally pensions rise by either 2.5%, inflation, or average earnings - whichever is highest.

But the Tories scrapped this ‘triple lock’ for the 2022 rise after average earnings fell during May-July 2020 due to covid, then bounced back.

Keeping the triple lock could have handed pensioners a rise of 8.3%.

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