However, 7.2 million of these older retirees also draw money from an additional earnings-related pension, commonly known as Serps, which only rises by inflation every year.
As the latest inflation figure for September is 2.2pc, these older pensioners are likely to get around only half the uplift for the earnings-related element of their pension.
This means older pensioners could miss out on hundreds of pounds a year compared to their younger counterparts.
Many of these older pensioners also stand to lose more in winter fuel payments. Qualifying pensioners aged 80 or over currently receive £300 towards the cost of their energy bills, compared to £200 for the under-80s.
Steve Webb, a former pensions minister, now of pension consultants LCP, said: “The headline figures of a 4pc pension rise will not be the reality for the vast majority of pensioners on the old state pension system.”