Some people over the State Pension age could see their payments increase by as much as £478 next year.

It comes after the Bank of England predicted inflation to hit 4% in September. Due to an ongoing commitment to the triple lock, this could see the State Pension increase alongside inflation.

The triple lock ensures that each April, State Pension payments go up by either average wage growth, inflation from the most recent September, or 2.5% - whichever is the highest. This means people who receive the State Pension, could see a boost of £500 to their payments, effectively seeing weekly payments go up from £230.25 per week to £239.46 per week (or £12,451 a year).

However, a report from The Times highlighted that Chancellor Rachel Reeves could see government costs go up by £2.1 billion

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