Martin Lewis explains which state pensioners will get 'far smaller' rise next year

Thanks to the Triple Lock, the state pension will increase for claimants - with a predicted £475 boost - in April.

Martin Lewis has issued a warning to state pensioners who are set for a "far smaller" rise in the State Pension from the Department for Work and Pensions (DWP) next April. Thanks to the Triple Lock, the state pension will increase for claimants - with a predicted £475 boost - in April.

Martin said: “That figure is for the full – new – State Pension, which only applies to the one in four who hit state pension age on or after 6 April 2016. The majority are still on its predecessor, the old State Pension, which is lower, and so the 4.1% rise of that is the smaller figure: £362.65.

“Plus those figures only apply to those who get the full State Pension, which comes from having enough National Insurance (NI) years – usually around 35 (though it varies widely). Many, especially those on lower incomes don't have their full years, so get a lower pension and therefore their rise will be smaller still.”

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It comes as the inflation figures that are factored in to calculating the rises were published this week (Wednesday 16 October), though the Government is yet to officially confirm the changes. This is expected to happen in the upcoming Autumn Budget on Wednesday 30 October.

The State Pension triple lock means it is set to go up each April by whichever is the highest of: average wage growth between the previous May and July (including bonuses) which was 4.1%, the previous September's Consumer Prices Index (CPI) inflation measure, which was 1.7%, or a minimum rise of 2.5%.

MSE said: "As we today learnt the September's CPI rate of inflation, all figures are now in, which means the State Pension is likely to rise by the average wage growth figure of 4.1% (up from the previously reported 4% due to late data received by the ONS)."