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Three steps will minimise Rachel Reeves budget hit and save you thousands <\/p>\nRetirees can expect bumper payments over the coming yearsThree steps will minimise Rachel Reeves budget hit and save you thousands <\/p>\n
State pensioners can expect to be \u00a31,900 better off over the coming years, Government ministers say.<\/p>\n
The triple lock policy, which guarantees a state pension increase every 12 months, means retirees will get bumper payments.<\/p>\n
It comes amid growing discussion over the triple lock and whether it will remain in place in future.<\/p>\n
READ MORE: Rachel Reeves to ‘punish’ state pensioners with small private pensions<\/a><\/p>\n Get our best money saving tips and hacks by signing up to our newsletter<\/a><\/p>\n Labour has committed to keeping the triple lock in place for the entirety of the current Parliament, likely to be 2029.<\/p>\n Officials say that means the pension is likely to rise by up to \u00a31,900 by then.<\/p>\n The new state pension, claimed by everyone who retired after April 2016, will be going up by \u00a3575 in April, Chancellor Rachel Reeves has confirmed.<\/p>\n This is the first of the increases to come over the next few years.<\/p>\n The triple lock ensures the state pension rises by whatever is highest out of inflation, wage growth and 2.5%.<\/p>\n Get the latest court and crime news direct via our WhatsApp community here<\/a><\/p>\n