This year, the increase is tied to earnings growth, with the triple lock delivering a 3.9 percent rise to the new state pension and basic state pension.

The new rates will come into effect from Monday, on April 6, 2020.

The increase is more than double that of inflation-linked benefits and tax credits - such as Child Benefit and Universal Credit - which are rising by 1.7 percent.

Steven Cameron, Pensions Director at Aegon commented: “The government’s commitment to maintaining the state pension triple lock will offer some good news in a difficult climate for state pensioners as they will receive a bumper increase in state pension payments from next week.

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