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People over the State Pension age could witness their payments rise by up to £478 next year. This follows the Bank of England's forecast of inflation reaching 4% in September. Owing to a standing commitment to the triple lock, this could result in a corresponding increase in the State Pension. ‌

The triple lock guarantees that each April, State Pension payments are raised by either average wage growth, inflation from the most recent September, or 2.5% - whichever is the highest. This implies that those receiving the State Pension could see an uplift of £500 to their payments, effectively raising weekly payments from £230.25 per week to £239.46 per week (or £12,451 annually). ‌

However, The Times has reported that Chancellor Rachel Reeves could face a surge in govern

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