The most recent data from the Department for Work and Pensions ( DWP ) reveals that the State Pension currently provides a steady financial income for 13 million elderly people across the nation.

The annual rise will not kick in all at once for everyone The headline state pension rates will be hiked by 4.8 per cent under the 'triple lock'.

There are also more than 700,000 older people eligible for a State Pension top-up of £4,300 annual income top-up.