State pension set to INCREASE with payments tipped to rise by up to £848

Pensioners are set to see another huge boost in their income with the high rate of inflation to lead to a large uptick in payments next year.

The state pension triple lock means that pensions rise every 12 months by two per cent, the rate of inflation, or the rise of average earnings – whichever is highest.

With inflation still far higher than the Government would wish, it means that retirees could be in line for a £848 a year uptick in the money paid out to them.

The pension rate for the 2024-25 financial year will be determined in September.

Inflation currently sits at 8.7 per cent and has remained stubborn so far this year, dropping far more slowly than economists and the Government predicted.

If it remains close to the current rate in just three months time, it would mean those in receipt of the New State Pension would receive the £848 extra cash, giving them £11,448 a year in payment.

Even if inflation drops to six per cent it would still drive a £636 increase.

The top up comes after a record rise in the state pension for the 2023-24 financial year.

Payments rose by almost £1,000 due to 10.1 per cent inflation rate.

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