The state pension will go up by inflation in April 2023, Chancellor Jeremy Hunt has confirmed.
Under the triple lock, the state pension is supposed to increase each year in line with whichever of these three measures is highest:the average increase in wages across the UKThe triple lock was introduced by the Conservative/Liberal Democrat coalition government in 2010.
It was designed to ensure the value of the state pension was not overtaken by the increase in the cost of living or the working population's income. Before Mr Hunt's announcement, the government was thought to be considering increasing benefits in line with by average wages instead. That would have meant a rise of 5.7%.
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