The State Pension will rise by £343 a year from April 2020.

The 3.9% increase means that those receiving the old State Pension (those who reached State Pension age by April 6 2016) will see their basic payment increase by £5.05 a week to £134.25. Those receiving the new State Pension (those who reached State Pension age after this) will see an increase of £6.60 a week to £175.20.

The State Pension is currently protected by the ‘triple lock’, which guarantees it goes up every year by whichever is highest out of inflation, earnings growth or 2.5 per cent.

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