RETIREES look set to see their state pension boosted by up to £230 a year as latest inflation figures force the triple lock guarantee.
The 2.5% increase is expected to be confirmed as the consumer prices index (CPI) level of inflation for September reached 0.5%.
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The triple lock is a legal guarantee that ensures the state pension will rise by at least 2.5% each year.
Its calculation is based on whichever is higher out of consumer prices index (CPI) inflation, earnings growth or 2.5%.
The government has yet to officially confirm the triple lock boost.
But ministers usually uses inflation in September, and average earnings in the three months to July, to determine how much pensions go up by in April the following year.
The 12-month CPI rate for September was today confirmed as 0.5% – up from the 0.2% in August.
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