Chancellor Sajid Javid has confirmed that consultation on the future of the Retail Prices Index - used to set many annual pension scheme increases - will begin when he presents his Budget on 11 March.

The Consumer Prices Index (CPI) remained at 1.5% in November - a three year low - despite some experts predicting a fall to 1.4%.

UK inflation rose at the slowest pace in almost three years last month, with CPI inflation dropping from 1.7% to 1.5%.

The triple pensions lock and rising average earnings mean that the State Pension will rise by around 4% in April - an increase of about £350 a year.