State pension to increase 3.1% after triple lock suspension

Treasury to save £4.5bn

Jenna Brown
clock • 6 min read

The state pension will increase by 3.1% in 2022/23, in line with September’s Consumer Prices Index (CPI) inflation figure, after the government suspended the triple lock.

Analysis from AJ Bell said The Treasury would save about £4.bn as a result. The basic state pension will increase by £4.25, from £137.60 per week to £141.85 per week. The flat-rate state pension should go up by £5.55, from £179.60 per week to £185.15 per week, according to its analysis. If the earnings element of the triple-lock had been retained, the state pension could have increased by 8.3% next year, it said. This would have increased the basic state pension to £149 per week and the flat-rate state pension to £194.50 per week. The platform added the decision to suspend the earn...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Women's pensions: Why the gender savings gap opens at age 28

Women's pensions: Why the gender savings gap opens at age 28

Women in their late 50s hold 48% less in their pension than men

Rachel Vahey
clock 11 June 2026 • 3 min read
DC pension pot growth points to increased fraud risk, pensions minister warns

DC pension pot growth points to increased fraud risk, pensions minister warns

Torsten Bell says expanding DC pots will attract increased fraudster attention

Martin Richmond
clock 11 June 2026 • 2 min read
Revised transfer regs widely backed but industry calls for 'clear and practical' guidance

Revised transfer regs widely backed but industry calls for 'clear and practical' guidance

DWP makes key changes to traffic-light transfer conditions

Jonathan Stapleton
clock 10 June 2026 • 7 min read