State pension set to change in 2023 – the key events you can expect

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State Pension: Expert outlines criteria to qualify

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For millions of people, the state pension is the bedrock of retirement income. Therefore, understanding what one is going to get, and how the state pension could change is vital. 

This year, the conversation has been centred around the triple lock and whether it would make a return after being temporarily halted.

The triple lock has now been confirmed – news widely welcomed by older Britons.

But what is on the agenda for the state pension in 2023?

Expected first is the announcement of the findings of a currently ongoing state pension age review.

In this regard, Helen Morrissey, senior pensions and retirement analyst at Hargreaves Lansdown, encouraged Britons to brace for a potential change.

She said: “There’s no definite date on this yet, but this report will be eagerly anticipated. 

“State pension age is currently 66 and is due to rise to 67 by 2028. 

“Under current plans it is due to hit 68 by 2046 though the Government has stated its intention to accelerate this to 2039. 

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“Rumours suggest Government wants to speed up the shift even more with a move to 68 potentially happening as early as 2032. 

“However, with increases in longevity slowing and many people simply not able to keep working that long, Government will face fierce opposition if they are seen to be moving forward too quickly.”

From April 6, state pensioners can expect to become the beneficiaries of the good news they received in November 2022.

The 10.1 percent boost to the state pension as well as Pension Credit and other benefits will be enacted.

Chancellor Jeremy Hunt said: “This is an £870 increase which represents the biggest ever cash increase in the state pension.”

The £870 figure is representative of the average state pension in the UK.

The 10.1 percent increase should take the full new state pension to £203.85 a week.

The full basic state pension is set to rise to £156.20 per week.

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Some may get less than the full new state pension if they were contracted out before April 6, 2016.

At the tail end of the year, pensioners can expect more changes when it comes to the state pension.

On October 18, the Office for National Statistics (ONS) is set to release the figures for September 2023 inflation.

It is this figure which is typically used for the state pension triple lock, as well as benefits.

Ms Morrissey explained: “Inflation is expected to be on its way down by this point, so we are unlikely to see the blockbusting 10.1 percent increase to state benefits that we saw this year. 

“However, if the triple lock is still in place and wage data is higher than inflation then pensioners could be in line for an extra boost.”

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