State pension increase 2024: How much it could rise under triple lock

The good news is that the state pension continues to rise, with those eligible benefitting from an increase of 10.1% this year, in line with the triple lock, as it has every year since 2010.

Last year the Chancellor Jeremy Hunt confirmed that the triple lock system would be kept in place – which meant that in 2023 pensions rose in line with inflation.

The Chancellor of Exchequer said: ‘There is no more British value than our commitment to protect and honour those who built the country we live in.

‘So I’ve decided to increase the pension credit by 10.1 %, which is worth up to £1,470 for a couple and £960 for a single pensioner in our most vulnerable households.’

With that in mind, what could the rise be in 2024?

How much could the state pension rise by in 2024?

Every year, the state pension rise is determined by the Triple Lock, which guarantees that payments will increase in line with whichever is higher out of the following:

• The rate of Inflation in September of the previous year
• Average earning between May and July of the previous year
• 2.5%

In 2023 this rose in line with inflation, which was the highest of the three.

It’s not yet clear how much it could rise in 2024, however.with inflation remaining stubbornly high that could once again influence the rise in pensions next year.

As of June 2023 the inflation rate was at 8.7%, despite predictions it would fall further.

The next inflation update is due on July 19, and will reflect inflation throughout June.

When is the 2024 pension rate announced?

Details of the 2024 pension and what it will rise by will be announced in September and will take effect in April 2024.