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Millions of older people are on track for a significant State Pension pay rise next April after Chancellor Rachel Reeves confirmed the annual uprating during the Autumn Budget last week. ‌

Under the Triple Lock the New and Basic State Pensions increase each year in-line with whichever is the highest between the average annual earnings growth from May to July (4.8%), CPI inflation rate in the year to September (3.8%), or 2.5 per cent. Additional State Pension elements and deferred State Pensions rise each year with the September CPI figure (3.8%). ‌

The increase will see those on the full New State Pension receive £241.30 per week, while those on the maximum Basic State Pension would receive £184.90 per week. ‌

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