State pension payments look set to hit £10,000 next year if triple lock ‘promise’ returns

Payments are raised either by the rate of inflation, average earnings or 2.5 percent, whichever is higher.

Due to the Covid-era furlough scheme inflating peoples’ wages during the pandemic, the triple lock was temporarily scrapped as a means of saving money.

This decision resulted in the “double lock” with state pensions only going up by either 2.5 percent or inflation, with the latter being used as the metric to raise payments.

While the pending increase to £10,000 a year will be welcome for state pensioners, claimants will not be in receipt of this boost until April 2023.