The old state pension is set to rise by 8.5% in April 2024, equating to an extra £13.30 per week or £691.60 a year to £8,814. The new state pension should increase by an extra £17.35 a week or £902.20 a year to £11,502.

The Government uses the triple lock system to decide on the rate of growth in the state pension each year, taking the highest of average earnings, inflation or 2.5%.

It looks at the seasonally adjusted pay growth for the three months to July for the earnings component and CPI data in September as the inflation figure. Earnings grew by 8.5% for the three-month period
and the next inflation reading is unlikely to be higher.

Had the new state pension increased in line with either inflation or wages since 2011, it would be worth around £180 per week today – meaning the triple lock policy has added an extra £11 billion a year to public spending, according to the Institute for Fiscal Studies.

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