State pension likely to rise by 488 a year in April

The state pension is likely to rise by £488 to next April to £13,036.40 a year, new official figures suggest. Under the triple lock pension guarantee, the increase is based on either average wage growth, inflation or 2.5% - whichever is highest. Average wage growth, including bonuses, between May and July slowed to 3.9%, according to the Office for National Statistics. The triple lock has come under scrutiny in recent months as the number of pensioners is expected to rise in the coming years, making the policy more expensive. Almost 13 million people receive the state pension in the UK.