State pension triple lock to return as payments could rise to over £200 a week

The state pension could rise to over £200 a week from next year, it has been announced.

It might happen under the triple lock system which new Prime Minister Liz Truss promised to bring it back.

The system could see pensions rise in line with whatever is highest out of 2.5% average earnings as published in September.

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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%.

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

It hit 9.9% in August and is likely to remain high for months and be the highest figure out of wages, inflation and 2.5%.

Helen Morrisey, senior pensions and retirement analyst at 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.

"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."

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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."

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

But how much you receive will depend on your National Insurance (NI) record.

Usually you'd need to have 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 state pension.

There is other help provided to give support to millions of pensioners during the cost of living crisis.

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

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