The State Pension will rise by 4.1% in April when the Triple Lock is implemented in full, the Chancellor said today in her Budget.

Employers' National Insurance will rise from 13.8% to 15% in April but Employee National Insurance will remain unchanged, Chancellor Rachel Reeves announced in her Budget today.

The State Pension is expected to rise next year by 4.1% under the Triple Lock guarantee.

An estimated 340,000 more pensioners will pay income tax on their State Pension next year due to the Triple Lock pushing up the State Pension above inflation.

New calculations from pension provider Aegon reveal that it would cost £250,000 to buy a lifetime guaranteed income to match the current state pension payout.