As many will know, the government came under fire for removing the inflation link in the triple lock for state pension increases and has retained earnings and 2.5% a minimum for the coming rise in April 2022.
Headlines today have said retirees are set for 8% increase as the triple lock returns in 2023.
We already knew this, the Chancellor suggested when he removed the CPI link last year for April 2022 increases, that it was only to be a one-year temporary removal and now it is confirmed it will return.
As inflation is expected to rise again with the next Office for National Statistics announcement due tomorrow for February’s inflation, it is October 2022 that you need to wait for, when the September 2022 inflation figures is published. The September inflation rate is the rate at which benefits are set to increase in the following April i.e., September 2022 inflation will form part of April 2023 benefit increases..