Today, the basic State Pension will increase by 8.5%, equivalent to £900 extra for pensioners as part of the Triple Lock guarantee.
The Triple Lock was introduced in 2011, and is an annual government commitment to uprate the basic State Pension every year, by the highest of earnings growth, inflation, or 2.5%.
This year's uprating of the State Pension comes after last year's highest ever cash increase of 10.1%.
Since the Triple Lock has been in place, pensioners are £1000 a year better off than they would have been had their pensions gone up by earnings alone. The full yearly basic State Pension will now be £3,700 higher than in 2010 and the New State Pension rate will exceed £11,500 a year.
The support for pensioners comes on top of government help for around 8 million older households through the £300 Pensioner Cost of Living Payment, as well as financial support through the Winter Fuel Payments scheme and the Cold Weather Payments programme, to support vulnerable households through the harsh winter months.
Commenting on the ongoing support for pensioners, Hexham MP Guy Opperman said:
'The Government's commitment to pensioners is unwavering. Thanks to this record support, pensioners who have paid into the system their entire life now have the financial security they need to enjoy retirement.
I am incredibly proud of the record of successive Conservative Governments when it comes to supporting older people. Pensioner households were given a helping hand to support them with the higher cost of living, and now, as the economy begins to turn a corner, pensioner households are able to live with the dignity they deserve as a result of our commitment to them under the Triple Lock.'