State pensioners urged to do £4,000 DWP check ahead of triple lock increase

State pensioners have been urged to check over the finances. Claimants may want to plan ahead ahead of next year's triple lock increase, which is on course to boost payments by 4.8 per cent. This would increase the full new state pension from the current £230.25 a week to £241.30 a week, or £12,547.60 a year.

But as state pensioners have to wait until next April for the pay increase to kick in, they face rising the winter months ahead first, with potentially higher energy bills. Mike Ambery, retirement savings director at Standard Life, warned that pensioners are "already feeling the pressure of rising costs" going into the colder months.

He said: "The cost of living remains high and state pensioners, unlike people of working age, usually don't have the chance of an earnings boost through a pay rise or bonus."

He shared some tips for pensioners to keep on top of their finances.

The expert said: "The key thing is to regularly review all income and outgoings, check eligibility for all extra support including state benefits and seek help as soon as possible if things seem overwhelming. Even small steps, like setting aside money for seasonal bills or reviewing direct debits and subscriptions, can make a difference."

One means of support worth looking at is Pension Credit, a hugely underclaimed benefit. The DWP benefit is available to people of state pension age and tops up your income, with the average claim worth over £3,900 a year.

The benefit tops up your income to £227.10p a week for single claimants and up to £346.60p for couples. You may qualify for extra amounts depending on your situation, such as if you care for another adult.

With the costs of the state pension ever increasing, some experts fear it could soon become unaffordable. But Mr Ambery said Labour will probably commit to it in the Autumn Budget.

He said: "It's highly likely that the Chancellor will confirm the triple lock in the Budget as the Government has consistently reiterated a commitment to maintaining it - and with the revived Pensions Commission set to review both state and private pensions over the next 18 months, any major changes to the triple lock mechanism seem unlikely in the short term. Alongside this, the ongoing state pension age review further signals that any changes to the state pension are being approached methodically, rather than through sudden shifts."

Research from Standard Life found that only 51 per cent of people think the state pension will exist as a universal benefit by the time they retire, while just 29 per cent expect the triple lock to still be there when they stop working.