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Those on the full New State Pension could see their payments increase by over £570 next year under the Triple Lock, as earnings growth (4.8%) surpasses the current rate of inflation (3.8%). This would result in weekly payments of the New State Pension rising to up to £241.30 and £184.90 for those on the Basic State Pension.

The Triple Lock ensures that State Pensions rise each year in line with whichever is the highest of average annual earnings growth from May to July, the Consumer Price Index inflation rate (CPI) in the year to September, or 2.5 per cent.

However, financial experts caution that the projected rise will result in nearly 9 million pensioners paying tax in retirement. This is due to a 4.8 per cent uprating meaning the full New State Pension will be worth £12

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