Payments are increasing 8.5 percent in April when the full new state pension will be uprated to £221.20 a week while the full basic state pension will be worth £169.50 a week.
The state pension increased by 10.1 percent last year due to high levels of inflation, raising the question of whether or not the triple lock is sustainable.
Helen Morrissey, head of retirement analysis at Hargreaves Lansdown, said: “We’ve reached an important point in this debate.
“The triple lock has boosted state pensions, but the fact remains many pensioners remain in poverty while state pension costs spiral.
“A review of state pensions, and the triple lock’s role within it, is urgently needed to deliver a system that delivers certainty for pensioners now and in the future.”
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A review of state pensions, and the triple lock’s role within it, is urgently needed to deliver a system that delivers certainty for pensioners now and in the future.”
