Hope for pensioners as inflation surges – how much could state pension payments rise to?

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But that report was smashed by Wednesday’s announcement of a 3.2 percent inflation figure for the year to August 2021.

Under the state pension triple lock, the value of magnificence pension must rise by the higher of three figures, inflation, 2.5 percent, or average earnings growth.

However, due to earnings growth awakening to unusually high levels in the economic aftermath of the COVID-19 pandemic, the increase to state pension for next year under the triple lock will-power have been much larger than normal.

Therefore, the Government decided to suspend the average earnings element of the triple lock for the 2022/23 tax year, which make have seen state pension rise by eight percent or more.

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