State pension to rise by 3.9% in April giving pensioners £343 extra a year

RETIREES are set to see their state pension rise by up to £343.20 a year from April.

That's because the state pension is calculated using the so-called ";triple lock" arrangement, which means it rises by the greater of earnings, inflation, or 2.5 per cent.

He said: “The pension rise will be great news for those not affected by the TV licence changes.

"But there is a sting in the tail for around 1.7million single people over 75 who will experience a squeeze in their standard of living once they have paid over £150 for a TV licence next year.

"This makes it all the more important that older pensioners check if they might be entitled to claim pension credit so that the poorest pensioners do not face this squeeze."

At present a TV licence costs £154.50 for a colour TV and £52 for a black and white one.

But the BBC announced in June that it was axing the free perk given to over-75s from June 2020, meaning only those on pension credit can get it without paying a fee.

Experts say today's inflation announcement will also see the amount you can save into your pension over your lifetime rise by 1.7 per cent from April 2020, from £1,055,000 to £1,075,000.

The Sun has put this to HMRC and we'll update this story as soon as we get a response.

Millions of women could be forced to work longer after a state pension age court battle was lost earlier this month.

Although hundreds of thousands of women could be entitled to an extra £129 a week in their pension pot.

And whether you're a man or a woman, here's how to boost your state pension by up to £250 a year.

Plus, we round-up everything you need to know about when you'll get your state pension and how much it will be worth.