The state pension could be worth more than £10,000 for the first time ever next year, as it looks set to rise by CPI inflation.
Earlier this year, the government committed to restoring the ‘triple lock’, which had been changed to a ‘double lock’ for 2022-23. This means state pension payments will increase by either CPI inflation in September, average earnings growth between May and July, or 2.5% – whichever is higher.
As inflation is predicted to remain high, having reached 10.1% in July, 10 million pensioners could see an increase of around 10% in April 2023.
With energy bills due to continue increasing next year, this could give pensioners a much needed boost.
“could” … if not subject to a Truss cut …
How much state pension could you get next year?
Let’s presume the state pension increase is 10% (it may end up being more or less, depending on September’s CPI).
This would mean the full new single-tier state pension would be worth £203.67 a week – a rise of £18.52 a week. This would be worth £10,590.84 a year, up £962.20
It would increase the basic pension under the old state pension system to £156.04 – a rise of £14.19 a week. This would be worth £8,114.08 a year, up £737.88.
Liz Truss is set to win the Tory leadership contest by a decisive margin next month, according to an exclusive Sky News poll that gives the foreign secretary a 32-point lead over rival Rishi Sunak.
The poll also shows that the legacy and personality of Boris Johnson is likely to loom large over the next prime minister as there is huge regret among Tory members over the decision to oust him in July.
The YouGov survey suggests 66% of members are voting for Ms Truss and 34% are backing Mr Sunak, once those who do not know or will not vote are excluded.
You’ve spent the last couple of years consistently posting incidences of BJ’s poor behaviour and failings. If Truss gets in, then I think we’re going to need a bigger forum and much larger server
@Omah , As things stand, we will need it to survive ?
I doubt government can do anything though, because public debt has also
soared by 40%, due to the BOEs policy of raising interest rates ! This
combined with the monumental borrowing by Rishi Sunac during covid when
the rate was only0•01 % !! This means that he taxpayer has to pay back
40% more in interest than expected,( this rate is also expected to inrease
further!!) as the BOE continues with its misguided attempts to control
inflation ??
Gird up your loins !!
As I have now become eligible for a State Pension this year, it’s nice to know the Government will be increasing my pension in line with the increasing inflation.
I know there is lots of pensioners who struggle to make ends meet and I think it’s right that some of the Benefits payments will be increasing in line with the inflation rate.
However, I can’t help thinking that it is rather unfair to maintain the triple lock when there is so many comfortably off pensioners, who have paid off their mortgages, have fewer expenses and a wedge of savings, while lots of “Just About Managing” families who don’t qualify for any help will be really struggling to cover their mortgage/ rent and all their rising bills when lots of them will not be getting pay rises that go anywhere near to matching the rate of inflation.
I’m getting the impression the Government are expecting workers to accept a pay cut in real terms - and they have even passed legislation to make sure employers can draft in agency workers to reduce the threat of strike action if pay negotiations can’t secure a reasonable pay rise in line with inflation.
In short no, I’ve worked my socks off over the years to get a half decent private pension, I’m now looking forward to my state pension in which I’ve put 50 yrs contribution into, of course this is realising that the tory barstewards stopped the serps part once you reached your contribution threshold of now 35 yrs , any monies after does not go to you .Luckily by 2015 I had 43 yrs worth, makes a difference to my projected state pension, unless some one mucks about again before next May, Camercon and Osbore altered it in a blink of eye previously.
Yes, it should be treated as a state benefit and not given to those with high incomes from private pensions and investments, income from property, savings or own valuable assets like property
I do realise, given the age requirement on here, that I’m probably on the wrong forum to be saying that!
I don’t think the State Pension should be a means-tested benefit - that would be like a breach of contract - it wouldn’t be fair to the all pensioners who have paid in their NI contributions all their working life, in good faith, on the promise of receiving a pension when they retire.
Some of them will have also paid in extra lump sums to top up missing years of NI contributions when they weren’t in work or if they retired early after the Government changed the State Pension Retirement age, to make sure they got a full State Pension when they retired.
When I said it doesn’t sit right with me, I meant pensioners getting the cushion of the triple lock, even if the average wages of workers are dropping well below the rate of inflation.
The higher paid staff should not be getting a higher percentage annual inflation pay rise - especially as it’s the lower paid staff who are likely to be the ones who struggle more to cover the cost of rising inflation.
The state pension has been a ‘benefit’ since about 2016 I believe, and for those that have made the requisite National Insurance contributions.
You mentioned that If contributors have made money and ‘become rich’ like owning their own property
Then they should be penalised. I own my own home like a lot of forum members I suspect, I also have a military pension and a war disablement pension. Ipso facto I should not receive a state pension?
Following that through then shouldn’t my national insurance contributions set aside for my state pension over 50 years be returned with interest?
Just a thought,
