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  • Shepherd Partnership

State Pension and benefit rates for 2022 to 2023 confirmed

State Pensions and benefits will be increased by 3.1 percent from April 2022.

Documents published alongside the Chancellor’s Budget Announcement in November confirmed that, for this year only, the increase will not be determined by the usual triple lock guarantee, in order to avoid a ‘disproportionately inflated rise’.

The 'triple lock', guarantees payments will rise in line with the larger of either September's Consumer Prices Index (CPI) measure of inflation as announced in October, wage growth, or 2.5%.

However, it was announced earlier this year that the triple lock will be suspended for this year following a sharp increase in earnings after the Covid-19 pandemic.

Instead, the increase has been based on the 'double lock of 2.5% or inflation'. But given inflation was confirmed as 3.1%, this is how much pensions will rise by.

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