State pension increase

Under the triple lock, the basic state pension received in retirement rises each year in line with whichever is the highest out of three factors: wage growth, inflation or 2.5 per cent.

An update from the Office for National Statistics (ONS) revealed that annual growth in employees’ average total pay from May to July 2023 was 8.5 per cent.

The effect of the triple lock on these figures would see the new full state pension and the full basic state pension rise by 8.5%; £221.20 per week and £169.50 per week respectively next year.