Pensioners in the UK will soon be receiving an inflation-busting rise in excess of £350-per-week any time soon.
It means that for people who become entitled to a full New State Pension, once they have reached the state pension age, then they will get weekly payments of £160.60, which will rise to a sum of £1175.20.
For people who reached pensionable age before then and are receiving the full Basic State Pension will get £1304.25 – which is up from £129.20.
There are also some pensioners who will also receive a state-earning related pension.
Steven Campbell, a representative for retirement specialist Aegon said: “If so many people, including people of pensionable age, facing so many financial difficulties in covering basic expenses any extra is a help.
“The inflation-busting increase will offer those of a pensionable age some much-needed good news”.
The increase will most likely ignite controversy over the costs of the triple policy – which guarantees that the basic state pension will rise by a minimum of either 2.5% - the rate of inflation – or average earnings growth.
Both Pensions Regulator, Financial Conduct Authority and Money and Pensions Service are urging savers to visit the Pensions Authority Service website for free guidance before making any relevant decisions.
Savers are also urged to visit the ScamSmart website to learn of the best ways to to be protected against any fraudulence activities.