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

A 1000-day wait: Pension transfer delays demand urgent reform, advisers say

A 1000-day wait: Pension transfer delays demand urgent reform, advisers say

Transfer delays highlight need for ten-day Pension Switch Guarantee

Sahar Nazir
clock 29 April 2025 • 2 min read
Sipps: How clients can avoid common retirement planning mistakes

Sipps: How clients can avoid common retirement planning mistakes

'Retirement planning stands as a cornerstone of long-term financial well-being'

James Floyd
clock 28 April 2025 • 4 min read
Origo completes pensions dashboard connection

Origo completes pensions dashboard connection

Completed connection ahead of this week’s first deadline

Holly Roach
clock 28 April 2025 • 2 min read