The new state pension was introduced in 2016
Those born in certain years are set to receive a boost to their state pension worth over £600 annually. This is due to the Triple Lock forecasts indicating that the benefit will increase by 5.7% next year, equating to an additional £605 per person each year.
The Department of Work and Pensions is required to increase the amount paid to those receiving the state pension each year due to the 'Triple Lock' system. This system guarantees that the pension must increase each year, either level with inflation, wage growth or by 2.5%, whichever is highest, reports the Express.The latest Consumer Price Index figures, used to calculate the 'inflation' part of the Triple Lock, suggest a potential 5.7% monthly increase for pensioners.
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