State pension payments may rise by 10 percent next year with £1,000 boost on horizon | Personal Finance | Finance

The triple lock mechanism was suspended this year due to warped earnings data.

It was deemed a predicted eight percent increase would be unaffordable, and thus the earnings component of the triple lock was abandoned.

Instead, a double lock was implemented, weighing up the increase between 2.5 percent and the rate of inflation in September 2021.

Consequently, the state pension rose by 3.1 percent this year, in line with the inflationary figure.

Source link