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Finance

State pension payments to rise in 2023


Steve Cameron, Aegon’s pensions director, broke down why the triple lock coming back will give pensioners a “record-breaking” boost in 2023.

Mr Cameron said: “The state pension triple lock, which increases state pensions by the highest of price inflation, earnings increases or 2.5 percent each year, is being honoured in April.

“This will mean a record breaking increase of 10.1 percent to the state pension which is good news for state pensioners whose 3.1 percent increase last April fell short of inflation then.”

The finance expert also discussed the long-term difficulties facing the Government when it comes to maintaining the triple lock on state pension payments going forward.



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