Pensioners could see their state pension rise to £220 each week

The full new state pension is worth £10,600; however, experts calculate a rise by almost £1,000 a year from next April.

The state pension triple lock means that pensions rise each year by two percent, the rate of inflation, or the rise of average earnings – whatever is highest at the time.

High inflation means that retirees could be in line for an £848 a year increase in the money paid out to them.

The pension rate for the 2024-25 financial year will be determined using the triple lock, including September’s CPI rate.

If the Consumer Price Index (CPI) stays at its current level of 8.7 percent, the state pension would rise by £848 to £11,448 a year and even if inflation drops to six percent it would still drive a £636 increase, experts at Broadstone has calculated.

If inflation stays above eight percent weekly state pensions would be £220, and monthly would be £880.

The basic state pension would rise to weekly £168 and £675 monthly if there is an eight percent rise.

Damon Hopkins, Head of DC Workplace Savings at Broadstone, said: “Having benefited from around a £1,000 increase to their state pension this year, another substantial triple lock hike will further embed its importance to the retirement income of millions of pensioners – present and future.

“Given the delicate state of the UK Government’s finances it will raise further questions around the viability of the triple lock.

“That said, it would take a brave Prime Minister to break a key manifesto pledge for the second time in three years so close to a General Election.”

State pension payments rose by almost £1,000 this year after inflation hit 10.1 percent.

Currently, the full new state pension is £203.85 and the basic state pension is £156.20.

The amount of state pension one receives is based off their National Insurance record.

Britons need 35 qualifying years on their National Insurance record to get the new state pension.

People need at least 10 qualifying years on their National Insurance record to get any state pension at all.

Helen Morrissey, head of retirement analysis at Hargreaves Lansdown, said: “State pension costs are surging with the UK Government predicting eye-watering increases over the next five years.

“Around 12.6 million people are claiming the state pension with this number expected to surge past 13 million in just five years, all thanks to the fact we are living longer.

“This is great news but undoubtedly puts real pressure on the smaller working population who shoulder the cost.”