Pensioners could face the “double whammy” next April of a real terms cut to their state pension as well as the prospect of energy support being pared back, experts have warned.
They could miss out on £8.50 per week or £442 per year in income if the state pension is increased in line with earnings next year instead of with inflation.
Consumer Prices Index inflation rose by 10.1% in September, according to Office for National Statistics figures released on Wednesday. A Treasury-led review will be launched to consider how to support households with energy bills from April 2023. Helen Morrissey, senior pensions and retirement analyst at Hargreaves Lansdown, said: “Despite Prime Minister Liz Truss highlighting her commitment to the triple lock on several occasions her new Chancellor does not seem so sure.”
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