Instead, the state pension is set to rise by 3.1 percent from April 2022, giving pensioners up to an extra £221 for the year if they are on the basic state pension, or £288.60 if they receive the new state pension. This represents the third-largest rate of increase to the state pension since the induction of the triple lock policy.
However, the triple lock will not be honoured as normal this year, denying Britons a historic level of increase to their state pension income.
Three figures are traditionally used in the triple lock calculation, which are the rate of inflation, the rate of average earnings growth, and 2.5 percent.
Whichever percentage comes out as the highest is the one which is used to dictate the state pension amount, and by that logic, average earnings growth would have been used to boost the 2022/23 state pension.
This would have resulted in a whopping increase of more than eight percent, by far the most significant state pension boost in the last decade.
That boost of 5.2 percent, in line with inflation, provided an extra £275.60 per year to the pockets of pensioners.
It still remains a larger increase than in any of the subsequent years 10 tax periods.
More modest rises to the state pension followed, with the guaranteed minimum increase of 2.5 percent used for 2013/14, giving pensioners an additional £140.40.
Inflation was used once again to boost the state pension for the 2014/15 tax year, coming in at 2.7 percent and thus providing an extra £153.40.
The 2.5 percent figure was used for 2015/16, adding £148.20 to the state pension, before average earnings growth was used for the first time in 2016/17.
This brought a 2.9 percent increase to the state pension, boosting it by £174.20.
The 2016/17 tax year marked the introduction of the new state pension, and the triple lock policy was therefore applied to it from the following year.
That meant in 2017/18, the basic and new state pensions were both increased by 2.5 percent, adding £156 to the basic state pension and £209.80 to the new version.
Inflation was used for the first time in four periods when it came in at three percent for the 2018/19 tax year, boosting the basic and new state pensions by £189.80 and £249.60 respectively.
Average earnings growth was then used for the next two tax periods, 2019/20 and 2020/21, at a rate of 2.6 percent and then 3.9 percent.
This resulted in an extra £169 and then £262.60 for people receiving the full basic state pension, and increases of £221 and £343.20 for the full new state pension.
The 3.9 percent rise from 2020/21 is the other increase which surpasses this year’s 3.1 percent, and the monetary boost of £343.20 is still the largest amount given to either form of state pension since the advent of the triple lock.
Last year’s boost came in at 2.5 percent, adding up to £174.20 to the basic state pension and £228.80 to the new state pension.