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State pensioners on the Old, Basic State Pension from the Department for Work and Pensions face losing THOUSANDS - due to a two-tier system.

Labour Party Chancellor Rachel Reeves will announce tomorrow the rate of the full new state pension will increase to just over £240 a week from next April, while the full basic state pension is expected to rise by around an extra £440 a year. This is an increase worth over £550 a year, an extra £120 compared to what it would have been if it had been uprated only by inflation. Right now, the full new state pension is £230.25 a week, or £11,973 per year.

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A 4.7 per cent increase - which earnings growth was at - means £241.05 a week, giving £561 more

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