The state pension looks set to rise by 4.7 per cent next year after ministers re-committed to the 'triple lock' today.
The hike would be worth around an extra £500 annually for those who get the retirement payments.
Under the so-called 'triple lock', state pensions increase annually by the highest out of wages, inflation and 2.5 per cent.
Official figures published today showed the wages metric used coming in at 4.7 per cent, which appears unlikely to be outdone by the inflation rate for September.
That would leave the new state pension - for those who reached retirement age after April 2016 - at £241.05 a week from April, or £12,534.60 a year.
