Following the release of the September inflation figures the increases in the State Pension from April 2022 can be calculated
The State Pension and new State Pension are usually increased each April by the “Triple Lock” which is the higher of:
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Annual CPI from the September before the increase;
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3-month average wage growth to July before the increase; or
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2.5%.
However, for this year because of the sharp recovery of earnings levels from the pandemic, the Government will only be applying the “Double Lock”. CPI was 3.1%, so the State Pension and new State Pension will increase by 3.1% from April 2022.
This means the full New State pension will see an increase from £179.60 to £185.15 per week and the full old basic State Pension will see a rise from £137.60 to £141.85 per week.
These figures still need to be confirmed by Government before being put into legislation.
