Millions of pensioners to get £870 pay rise next year as triple lock increase is confirmed by Jeremey Hunt

MILLIONS of seniors will get an £870 rise in state pension payments, Chancellor Jeremy Hunt has announced.

Revealed in the Autumn Budget today (November 17), Mr Hunt confirmed that the triple lock would stay.

Mr Hunt said: "I can today announce that we will fulfil our pledge to the country to protect the pensions Triple Lock."

He added: "To the millions of pensioners who will benefit from this measure I say – now and always, this government is on your side."

The £870 state pension increase has been made in line with September's inflation figures.

These were released last month and showed that inflation has now returned to a 40-year high of 10.1%.

This means that the state pension rate of £185.15 per week will increase by £18.70.

The increase will be worth over £870 a year for pensioners.

Keeping the lock in place would cost £4billion to £5billion, according to AJ Bell figures.

AJ Bell head of retirement policy Tom Selby said: "The difference this decision will make to people’s state pension incomes from next year will be massive.

"Someone receiving the full flat-rate state pension would receive £8.50 per week less, or £442 over the course of the year, if average earnings rather than inflation is used to uprate their benefits."

Jeremy Hunt also announced in his Autumn Budget:

• Up to £1,350 in cost of living payments
• Pension triple lock to stay in £870 boost for seniors
• Benefits including Universal Credit and pension credit to rise with inflation
• New work coach requirements for Universal Credit
• Social housing rents to rise 7%
• Freeze on income tax and National Insurance thresholds
• Stamp duty cut to end in 2025
• Typical energy bills to be capped at £3,000
• Minimum wage to rise to £10.42 an hour

The announcement will be helpful for pensioners feeling the squeeze as .

The triple lock has been one rule that was always rumoured to be protected.