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But pensioners face a tough winter before they receive the increase in their state pension, with soaring energy prices and costs for other essentials such as food.
Helen Morrissey, senior pensions and retirement analyst at Hargreaves Lansdown, said: “Soaring inflation has brought chaos to people’s finances this year and a 10.1 percent increase along with the extra cost of living payments of £300 will be hugely welcome for pensioners struggling to keep up with their bills.
“However, it’s also worth saying that this increase will only come into effect from April so there is a tough winter ahead and the Chancellor has been forthright in saying that times will be difficult for everyone.
“The reinstatement of the triple lock after its suspension last year will cool some of the discussion around its long-term viability for a while, but with a review of state pension age due to be published soon, now is the time to carry out a comprehensive review of the state pension to ensure it best helps those who need it most, both now and into the future.”
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