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State pensioners could get another huge increase to their payments in April with total payments increasing almost 20 percent in two years.<\/p>\n
Pensioners are set to get an 8.5 percent boost to the current payment rates in line with the triple lock, increasing the full new state pension from the current \u00a3203.85 a week to \u00a3221.20 a week.<\/p>\n
This would represent a 19.5 percent increase compared to the previous tax year, when the full new state pension was \u00a3185.15 a week.<\/p>\n
The sizable yearly increases have raised concerns the triple lock could soon become unsustainable for Government finances.<\/p>\n
Lord William Hague warned recently the triple lock is becoming a \u201crunaway train\u201d and is placing an unfair burden on younger generations.<\/p>\n
Don’t miss… <\/strong> Pensions actuary says taxpayers now forking out double amount recipients put in<\/strong><\/p>\n Steve Webb, partner at LCP, warned there is a political stalemate which is preventing action on the triple lock.<\/p>\n He explained: \u201cThere is no doubt that the present Government and opposition would both like to drop the policy in order to make savings to be spent elsewhere.<\/p>\n \u201cBut both want to avoid a situation where they have moved first by dropping the triple lock only to find that the other party has retained it\u201d.<\/p>\n Don’t miss… <\/strong> We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info<\/p>\n Prime Minister Rishi Sunak committed earlier this year to retaining the triple lock pledge for next year\u2019s increase.<\/p>\n But the Government is reported to be considering tweaking the average earnings metric, which is set to be the figure that will decide how much payments go up next April.<\/p>\n Finance ministers are said to be looking at using the average earnings figure without including bonuses, which would reduce the payment increase from 8.5 percent to 7.8 percent.<\/p>\n Edmund Greaves, co-editor of personal finance blog Mouthy Money, told Express.co.uk previously the triple lock is \u201cpatently unsustainable\u201d.<\/p>\n He said: \u201cWhile there are certainly many pensioners reliant on the payments for their day-to-day living, the vast majority have accrued decent levels of wealth over a lifetime.<\/p>\n \u201cThis leaves us in the toxic situation where younger working age people, who are generally worse off than pensioners, are paying for older people\u2019s retirements without being able to save adequately for their own.\u201d<\/p>\n For the latest personal finance news, follow us on Twitter at @ExpressMoney_.<\/b><\/p>\n![](\"https:\/\/cdn.images.express.co.uk\/img\/dynamic\/23\/590x\/secondary\/State-pension-triple-lock-4961915.jpg?r=1694785238490\")
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William Hague brands triple lock ‘runaway train’ fuelling ‘dangerous’ situation[TRIPLE LOCK] <\/strong>
Soaring household bills at \u00a3570 a month above inflation[BILLS] <\/strong>
Trainline shares soar as travel giant shrugs off strikes for 23% sales increase[TRAIN FARE] <\/strong><\/p>\n![](\"https:\/\/cdn.images.express.co.uk\/img\/dynamic\/23\/590x\/secondary\/State-pension-triple-lock-4961909.jpg?r=1694785238550\")
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