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 centered 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.
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Rumors 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 receive in November 2022.
The 10.1 percent boost to the state pension as well as Pension Credit and other benefits will be enacted.
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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.”