State pension payments are vital for many older people, and increases are looked forward to. The sum usually increases each year in accordance with the Triple Lock mechanism, but this has been temporarily suspended. The earnings element of the Triple Lock has been removed as it was feared it could make the sum increase by more than what is affordable.
With the rate of inflation or 2.5 percent left, it has been confirmed the 2022/23 increase will be at 3.1 percent next April.
The state pension is split into two tiers – the older scheme known as the basic state pension, and the other scheme the “new” state pension.
The older scheme is available to women born before April 6, 1953 and men born before April 6, 1951.
Those who are claiming under the basic state pension should also pay attention when it comes to increases.
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Currently, married women claiming on this basis would be receiving £82.45 per week.
But 60 percent of £141.85 is calculated at £85.11, and thus this rise is expected for those…
