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The triple lock mechanism, which determines the annual increase in state pension, could be due to change. This policy ensures that state pensions rise each April by the highest of three measures: 2.5 per cent, inflation, or average earnings growth. The Government has previously pledged its commitment to the triple lock for the duration of this Parliament. However, as the costs associated with this policy continue to escalate, some experts are voicing concerns it may soon become unaffordable. Rebecca Lamb, external relations manager at Money Wellness, said: "With the state pension set to rise by 4.8 per cent next April, many pensioners will be hoping that the Chancellor confirms the triple lock in the Budget next month. While it's likely to stay for now, there's always the chance the Government could review how the increase is calculated in future, especially with public finances under pressure." She said a bigger concern for state pensioners on low incomes is how they will manage through the coming winter months before the state pension increase takes effect next year. She explained: "The rise will help next spring, but the real challenge is managing high energy and food costs this winter. For those struggling to get by, she recommended looking over your bank account and some other aspects of your personal finances. Ms Lamb said: "Check direct debits, see if there are cheaper deals on bills, and try to put a little aside each week if you can. "And if you're struggling or worried about money, free, confidential advice is available from Money Wellness and other services to help you check you're receiving all the support you're entitled to and manage your finances." One means of support for state pensioners is the Winter Fuel Payment, worth between £100 and £300 this year. The expert said: "The recent U-turn on Winter Fuel Payments will come as a relief to millions, but it's still worth checking the rules carefully." The eligibility criteria for the payment have been revised for this winter, meaning most peoples of state pension age will once again receive the payment. Nevertheless, those earning above £35,000 will be required to repay the sum through HMRC. Ms Lamb said: "It's important not to assume you're automatically entitled; therefore, check your circumstances so you can plan your finances accordingly."
