The Triple Lock could rise by over £500 for state pensioners next year - with the latest projections for the Department for Work and Pensions ( DWP ) rise revealed. The triple lock is based on either September's CPI inflation rate or the wage growth figures for the three months to July, with the former expected to reach four per cent.

Based on today's ONS data, the new full state pension is projected to increase to £241.05 a week. That will take it to £12,534.60 a year, a hike of £561.60 compared with now. The new state pension is for those born after 1951, if they're men, and 1953, if women.

Sir Steve Webb, partner at pension consultants LCP and former pensions minister, said the standard rate of the new state pension was "creeping ever closer to the frozen personal tax allowance", wh

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