Millions of pensioners will see their payments increase following the Chancellor of the Exchequer's announcement of a rise that exceeds inflation rates. As part of today's Budget announcement, it was confirmed that more than 12 million people will experience an increase in their State Pension from April next year.

This includes approximately 4.1 million people on the full rate of the New State Pension who will receive an extra £575 annually. Meanwhile, around 8.8 million people who receive the pre-2016 State Pension will benefit from an additional £440.

This forms part of what is known as the triple lock, which ensures that the state pension increases each year in line with either inflation, wage rises or 2.5 per cent - whichever is the highest.Average wages in the UK have risen by 4.8 p

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