The DWP is legally obliged to increase the state pension each year under the 'Triple Lock' system
Brits born in certain years are in for a hefty state pension windfall, with a predicted boost of over £600 a year.
Recent data reveals that those qualified for the State Pension will see their annual income swell by £605 due to the Triple Lock guarantee. The Department of Work and Pensions must, by law, uprate the state pension yearly in line with the Triple Lock formula.This system guarantees a yearly increase in pensions by either inflation, wage growth or a minimum of 2.5 per cent, whichever is the greatest.
Steven Cameron, Pensions Director at Aegon, said: "For the April 2024 increase, earnings growth in 2023 produced an inflation-busting 8.5 per cent increase. In April 2023, a spike in inflation the previous year led to a record-breaking 10.1 per cent boost to the State Pension.
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