Millions of pensioners could be set for a £478 boost next year when the State Pension rises.

The potential increase is a result of the triple lock, which guarantees an increase in line with average earnings, inflation or 2.5%, whichever is highest.

The Bank of England (BoE) has predicted that inflation is set to reach four per cent by September, meaning pensioners could see their State Pension increase by the same amount next April.

The four per cent increase would take the full state pension to £12,451 a year, up from £11,973.

Anyone on the full basic State Pension who reached State Pension age before April 6, 2016, would get a £367 boost.

Pensioners could even be set for a bigger boost if current wage rates don’t fall.

Growth in British average weekly earnings, excluding bonuses, held at 5.0% in the three months to June compared with a year earlier, the Office for National Statistics said on Tuesday.

Pensioners warned of ‘incredibly cruel’ scams

Fraud experts are warning pension savers across the UK to be on high alert, as scammers step up efforts to steal people’s life savings.

Many of these criminals are deliberately targeting older adults who have worked hard to become mortgage-free or financially stable, making them feel confident enough to take a leap, only to watch their retirement funds vanish.

Siobhan Blagbrough, Financial Crime Manager at Ocean Finance, said: “Pension scams are incredibly cruel.

“They punish people who feel like they’ve done everything right. People who have worked for decades, paid off their mortgage, and are finally looking ahead to retirement. Then a scammer shows up with a glossy investment pitch or offers early access to their pension, and before they know it, their savings are gone.

“We are seeing more of these cases and the tactics are becoming slicker. If anyone offers you a shortcut to your pension money or pressures you to make a fast decision, treat it as a red flag.

“There’s no quick win when it comes to retirement savings, and once your pension is gone, there is very little chance of getting it back.”

How to protect your pension from scams

  • Hang up: “If someone rings you out of the blue and starts talking about your pension, put the phone down. Cold calls about pensions were banned in 2019. No legitimate company will contact you like that, so treat any unexpected call as suspicious.”

  • Check them out: “Even if someone sounds professional or claims to work for a well-known company, do not take their word for it. Check the Financial Conduct Authority’s register yourself. Do not click the links they give you and never feel bad about verifying their identity.”

  • Slow it down: “Scammers thrive on urgency. If they say you need to act quickly or that there’s a limited-time deal, they are manipulating you. A genuine financial advisor will always give you time to think, ask questions, and even get a second opinion.”

  • Ask your provider: “If anything feels off, or you’re tempted by an offer that seems too good to miss, speak to your pension provider. Use the contact number from their official website, not one sent in a message or given over the phone.”

  • Trust your gut: “If something doesn’t feel right or sounds too good to be true, listen to that instinct. Scammers are good at talking the talk, but your gut is usually right.”