State Pension will increase for nearly 12.6 million people by at least 2.5 per cent next April, however, financial experts say the monthly payment could go up by even more - as much as four per cent.
Each year, the rise in State Pension is determined by the triple lock rule which is the UK Government’s commitment to increase the value of the benefit delivered by the Department for Work and Pensions (DWP) by at least 2.5%.
The pensions triple lock, which was introduced in 2010, ensures the UKState Pension will rise in line with whichever is highest from earnings, inflation or 2.5%.
However, the earnings element of the rule has been temporarily suspended because the impact of the coronavirus crisis on wages could have led to an
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