Mr Selby explained: “The Government chose to suspend the triple lock last year, which in theory would have seen the state pension increase by around eight percent in line with earnings.

“The state pension will instead rise by 3.1 percent, in line with September’s CPI figure.

“As a result, the basic state pension will increase from £137.60 per week to £141.85 per week in April, and the new state pension will increase from £179.60 per week to £185.15 per week.”

The financial expert emphasised that any rise in the state pension rate is welcome but must be contextualised in a wider economic context.