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The state pension is set to rise by more than expected next year - with Triple Lock figures showing retirees are on course for an unexpected increase.

The so called ‘triple lock’ from the Department for Work and Pensions, or DWP , means the increase in state pension is the higher of:- National Average Earnings, Cost of living (CPI) or 2.5%. This formula is applied to the old basic state pension and the new state pension post April 2016 – not to any other state or workplace pension.

Under the latest metrics, a 4.8 per cent hike is expected - with wage growth likely to be the metric which sees the payments rise. It means the full new state pension should increase from £230.25 a week to £241.30 in April 2026.

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