Exact amount state pension set to rise as new figures released

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The state pension is set to rise quite a bit next year

The state pension is set to increase by 4.7% next April, providing a financial boost for millions of older Brits . The state pension increases every April in line with the triple lock promise, which guarantees that the state pension will rise by whichever is higher: inflation (using the previous September's inflation figure), wages (average growth between May and July), or 2.5%.

The Office for National Statistics has confirmed today that the figure for average wage growth is 4.7%. With inflation forecasted to remain below this level for the rest of the year, it now seems likely that the state pension will increase by the rate of wage growth.

Currently, inflation stands at 3.8%. Analysts at AJ Bell have revealed that this m