State pension increase: How much more you will get from April 2023 | Personal Finance | Finance

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“Honouring this Manifesto commitment after ditching it last time round will provide much-needed support for pensioners, many of whom are on low and fixed incomes and particularly vulnerable to rampant inflation.”

Helen Morrissey, senior pensions and retirement analyst at Hargreaves Lansdown, warned pensioners face a tough winter before they receive the payments boost.

She said: “After weeks of speculation about whether the triple lock would return next year many pensioners will be viewing today’s news with a sigh of relief.

“Soaring inflation has brought chaos to people’s finances this year and a 10.1 percent increase along with the extra cost of living payments of £300 will be hugely welcome for pensioners struggling to keep up with their bills.

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