More than 12 million people will see their state pension rise by £575 a year from tomorrow.
The triple lock guarantee means it increases every April by whichever is highest out of inflation, wage growth or 2.5%.
Monday’s 4.8% rise – which is in line with average earnings growth – will take the full rate of the new state pension from £230.25 to £241.30 a week.
Meanwhile, the full basic state pension will go from £176.45 a week to £184.90.
The government said committing to the triple lock on pensions is helping to protect households against a cost of living squeeze.
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All of this comes as the Iran war causes global oil prices to surge, with a direct impact on motorists at the petrol pump.
But some critics, including the Institute for Fiscal Studies, have argued that the triple lock should be scrapped – and “a better approach is needed”.
Last year, the thinktank had warned the generosity of this policy has a “substantial and growing impact on public finances”, especially as the population ages.
The IFS had written: “The OBR estimates that spending on the state pension will rise by around £80bn in today’s terms by the 2070s, and over half of this increase is projected to be due to the triple lock.
“But under a more volatile economic environment the triple lock could cost an extra 1.5% of national income – or £44bn in 2025 terms – on top of this.”
Read more:
Here’s all the bills and taxes rising this month
