State pension to increase 3.1% after triple lock suspension

Treasury to save £4.5bn

Jenna Brown
clock • 6 min read
State pensions to increase 3.1% after triple lock suspension
Image:

State pensions to increase 3.1% after triple lock suspension

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...

To continue reading this article...

Join Professional Adviser

 

  • 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.
  • Tap into our community intelligence through our regular Pro Adviser poll.
  • 
 Be the first to hear about our events and awards programmes.

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Stephen McPhillips: What next for the normal minimum pension age?

Stephen McPhillips: What next for the normal minimum pension age?

NMPA explained

Stephen McPhillips
clock 08 December 2021 • 4 min read
Three-quarters of advisers have transferred out of a DB pension

Three-quarters of advisers have transferred out of a DB pension

Latest Pro Adviser Poll results

Jenna Brown
clock 08 December 2021 • 3 min read
The trustees confirmed they are also still working on other exercises in the lead up to the new buyout date.

FCA warns firms advising British Steel members as scheme to exit PPF

Scheme to exit PPF

Hope William-Smith
clock 07 December 2021 • 2 min read