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The Department for Work and Pensions is set to increase new state pensioners' payments under the Triple Lock - as the Labour Party government commits to the pledge.

The expected 4.8% increase means that people receiving the full new state pension could receive £241.30 per week – or around £12,548 per year. The new state pension is for men and women born after 1951 and 1953 respectively.

Alice Haine, personal finance analyst at Bestinvest by Evelyn Partners, the online investment platform, said: “For pensioners, the latest inflation data suggests another inflation-beating boost to the annual state pension payment is coming their way next April.”

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But she said the anticipated uplift would t

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