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-r...

To continue reading this article...

Join Professional Pensions

  • Unlimited access to real-time news, analysis and opinion from the industry
  • Receive our in-depth monthly magazine in either print or digital format
  • Access our Sustainable Investment Hub covering news and opinion from thought leaders in the ESG space
  • Receive important and breaking news stories selected by the Editors in our daily newsletter
  • Hear from industry experts and other forward-thinking leaders
  • Receive a monthly members-only newsletter with exclusive opinion pieces from leading industry experts and a feature from the magazine in advance of its release date

Join now

 

Already a Professional Pensions
member?

Login

More on Industry

The PPF's Shalin Bhagwan and James Emmott

Webinar: The PPF Purple Book - Register now

PP joins PPF’s Shalin Bhagwan and James Emmott to discuss the latest DB scheme data

Professional Pensions
clock 30 November 2023 • 1 min read
PASA's Kristy Cotton and Alan Clay

Can schemes analyse the accuracy of their own identification data?

PASA experts discuss whether schemes may need to appoint a third-party agency

Kristy Cotton and Alan Clay
clock 29 November 2023 • 3 min read
Savings boost of 15% needed for young people to retire early

Savings boost of 15% needed for young people to retire early

L&G highlighted the ‘power’ of compound growth when it comes to pension saving

Holly Roach
clock 29 November 2023 • 1 min read
Trustpilot