Office for Budget Responsibility (OBR) has said retired people could see their State Pension payouts rise by as much as 8% from April 2022 due to the UK Government's triple lock guarantee.
The UK’s official forecaster estimated the increase would add around another £3 billion a year to Uk Government spending from its triple lock pensions pledge - on top of what was already budgeted.
The triple lock guarantee means that every year the State Pension will go up by the highest of inflation, 2.5% or earnings during a set period.
But unusually strong recent rises in earnings as a result of the pandemic mean the payout is expected to jump - and prove expensive for the UK Government.
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