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State pensioners on the Basic State Pension from the Department for Work and Pensions ( DWP ) - who typically were born before 1953 - are set to be £440 better off thanks to the Triple Lock.

Retirees will see their state pensions rise by as much as £550 next year under the triple lock pledge. Older state pensioners on the full basic state pension will get an extra £440 a year.

The Triple Lock commitment by the Labour Party government dictates that the state pension must rise with the highest of inflation, wage growth or a benchmark 2.5 per cent.

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Economists have repeatedly warned that the triple lock is unaffordable. The world’s lender of last resort, the International Monetary Fu

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