The basic State Pension has increased by 8.5 per cent, an equivalent of an extra £900 for pensioners, a result of the Triple Lock guarantee.

Introduced in 2011, this government commitment ensures that the basic State Pension is adjusted upwards every year, guided by the highest values between earnings growth, inflation or a fixed 2.5 per cent.

The current uprating follows last year's cash rise of 10.1 per cent.

Since the adoption of the Triple Lock, pensioners are £1,000 a year better off than they would have been, compared to if pensions rose only by earnings.

Pensioners now see their full yearly basic State Pension standing £3,700 higher than it was in 2010, and the New State Pension rate exceeding £11,500 per annum.

This support comes on top of help for around eight million older households through the £300 Pensioner Cost of Living Payment, as well as through Winter Fuel Payments and Cold Weather Payments.

Hexham MP Guy Opperman said: "The Government's commitment to pensioners is unwavering.

"Thanks to this record support, pensioners who have paid into the system their entire life now have the financial security they need to enjoy retirement.

"I am incredibly proud of the record of successive Conservative Governments when it comes to supporting older people.

"Pensioner households were given a helping hand to support them with the higher cost of living, and now, as the economy begins to turn a corner, pensioner households are able to live with the dignity they deserve as a result of our commitment to them under the Triple Lock."