New figures show how much the triple lock has boosted state pension payments, although the state pension is still not enough to live on for many claimants. The full new state pension currently pays £221.20 a week, or £11,973 a year, while the full basic state pension pays £176.45 a week, or £9,175.40 a year.

The triple lock is expected to be confirmed at the Autumn Budget this week, on Wednesday, November 26, meaning payments will increase 4.8 percent next April. This will increase the full new state pension to £241.30 a week, or £12,547.60 a year, while the full basic rate will rise to £184.90 a week, or £9,614.80 a year. It’s worth noting that many people get less than these amounts, as your entitlement is based on your National Insurance (NI) contributions.

You typically need 35 years of full NI contributions to get the full new amount and 30 years’ worth to get the full basic amount. Analysis by NimbleFins showed that state pensioners would potentially be £1,865 a year less if the triple lock was not in place.

The triple lock ensures payments go up in line with whichever of three metrics is highest: the rise in average earnings, inflation or 2.5 percent. Looking over roughly a 10-year period, if rates had increased since April 2016 by just 2.5 percent, the full new state pension would now pay £194.39 a week, which is £35.86 a week less than the actual rate, a shortfall of £1,865 a year.

If the state pension increase tracked inflation over the same period, those on the full new amount would now be getting £201.71 a week, taking home almost £1,485 less than they currently get.

The triple lock has delivered sizeable pay increases in recent years, including a record 10.1 percent boost in April 2023, thanks to high levels of inflation the year before. Yet one concern is that even with the rising payments, the state pension is not enough to cover the basics for many claimants of the benefit.

Erin Yurday, CEO and founder of NimbleFins, said: “While the triple lock has raised pensions more quickly than wages in recent years, those rises are from a low baseline and still fall short of enabling a basic standard of living. Without the triple lock, pensioners would be hundreds of pounds poorer each month.”

Figures from Pensions UK suggest a single pensioner needs at least £13,400 a year for a basic standard of living in retirement, which is almost £500 a year more than the full new state pension. A single person needs £31,700 a year for a moderate lifestyle in retirement and £43,900 a year for a comfortable retirement, well over twice the full new state pension.

Mr Yurday said: “Our analysis shows just how vital the triple lock has been in protecting older people from inflation and rising bills. But it also highlights a deeper issue – the state pension alone is not enough to live on, and many pensioners are still struggling despite these increases.”