State pension could rise to over £200 a week as inflation hits 9.9% when triple lock returns | The Sun

MILLIONS could see their state pension rise to over £200 a week from next year.

The amount people get in retirement usually rises each year.

Under the triple lock system, which Prime Minister Liz Truss has promised to bring back, pensions rise in line with whatever is highest out of earnings, inflation or 2.5%.

Earnings and the 2.5% figure are taken in September and in October for inflation.

Triple lock was paused last year and a "double lock" removed wages when working out the increase.

That meant the state pension went up in April by the rate of inflation which was 3.1%.

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But even with the return of the triple lock, it's likely people's pension payments next year will be linked to inflation.

That's because inflation hit 9.9% in August and is likely to remain high for the next few months, and be the highest figure out of wages, inflation and 2.5%.

Helen Morrisey, senior pensions and retirement analyst at financial services company Hargreaves Lansdown, said: “Inflation eased this month, but it still remains sky high and looks set to stay so for the foreseeable future.

"This means pensioners are in line for a significant pension boost next year as long as the government keeps its pledge to keep the triple lock.

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"If the link to Consumer Price Index remains, then we could see pensioners on a full new state pension get more than £200 per week."

She added: "Last year’s 3.1% increase was no match for soaring inflation and has left many pensioners struggling and so a more generous increase will be welcomed.

"However, any such increase will not kick in until April which feels a very long way away right now for those struggling to make ends meet."

How much is the current state pension and who is eligible?

The current weekly state pension is worth £185.15 a week, an increase on 2021, when it was £179.60.

How much you get will depend on your National Insurance (NI) record.

Usually, you need to have had 10 qualifying years on your record to get any state pension.

If you don't have a NI record from before April 6, 2016, you will need to have had 35 qualifying years to get the new full state pension.

You also need to be a certain age.

If you are a man, you need to have been born on or after April 6, 1951 and if you are a woman you have to have been born on or after April 6, 1953.

If you reached state pension age before April 6, 2016, though, different rules will apply.

For more information, you should visit the government's website.

What other help is there for pensioners?

Millions of pensioners are in line for help from the government to help them through the cost of living crisis.

The lowest income pensioners will be eligible for the £650 cost of living payment.

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The first instalment should have already reached you and the second one is due to be made in the autumn.

There's also the £300 winter fuel discount that will be offered out to pensioners who usually receive the winter fuel payment.

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