Pensioners on track for £1,000 triple lock boost

SENIOR citizens could be in for a record £1,000 boost to their state pension next year that is set to be nearly double the rate of inflation.

The triple lock rise will gladden pensioners struggling to meet soaring energy bills and food costs.

September’s inflation figure, published on Wednesday, will be used to calculate April’s state pension rise.

Many economists believe there is little chance the current rate will drop significantly.

If it remains at 9.9 per cent, the new state pension will rise by £18.35 a week, from £185.15 to £203.50 – an annual uplift of £954.

This will push them over the £200-a-week mark for the first time.

The basic pension, paid to those who reached state allowance age before 2016, would rise from £141.85 to £155.90.

In another boost to pensioner purses, finance experts predict inflation will have cooled to around five per cent by next spring.Tom Selby, of

stockbrokers AJ Bell, said: “If inflation is at or close to its peak in September this year and then falls away, the state pension increase applied next year could far outstrip the level of inflation retirees experience in 2023.”

Inflation is forecast to fall to 5.2 per cent by the second quarter of 2023, according to analysts Capital Economics.

Under the Government’s triple lock guarantee, the state

pension is increased every April in line with whatever is the highest of the previous September’s inflation rate, wage growth or 2.5 per cent.

The triple lock was suspended this year, denying 12 million older people a large increase in line with earnings growth.

It happened because the aftermath of the pandemic skewed wage inflation.

However, despite growing

concern about the cost of the popular policy, ministers have confirmed the triple lock will be used this year.

In June, the then Treasury chief secretary Simon Clarke said: “Subject to the Secretary of State’s review, pensions and other benefits will be uprated by this September’s CPI.

“On current forecasts, it is likely to be significantly higher than the forecast inflation rate for 2023-’24.”