State pension to increase 3.1% after triple lock suspension

The Treasury is set to save around £4.5bn from the increase

Jenna Brown
clock • 3 min read
AJ Bell head of retirement policy Tom Selby.
Image:

AJ Bell head of retirement policy Tom Selby.

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 HM Treasury would save about £4.bn as a result of the decision. The basic state pension will increase by £4.25, from £137.60 per week to £141.85 per week. The flat-rate...

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