The Chancellor confirmed the changes today and said he would announce the exact figures in the Budget on 30 October.
This increase is possible because the government has committed to the Triple Lock pension fund – introduced by the Conservative Party.
But his remarks appeared to dampen hopes that he might ease the decision to lift winter fuel payments for millions of pensioners.
When asked if there was any form of tapering to help OAP, Reeves told journalists at an international investment summit in London: “In July, when I announced that difficult decision, I did so because of the legacy we were facing from the previous Government – the black hole worth £22 billion in public finances.
“And in July, I announced savings of five and a half billion pounds to try to bring it down.
“But as you can see, there is still a gap between the black holes we inherited and what we need to do to close those black holes.”
He added: “This Government has committed to a triple lock for the duration of this Parliament.
“The triple lockdown means that this winter the new state pension is worth £900 more than last winter – so at least three times the value of the Winter Fuel Payment per household.
“And I will announce a rise in the state pension next year in the budget, but it will likely be up to £450.
“So you can see that because of the commitment to the triple lock, the state pension fund will increase by more than just winter fuel every year.
“I think the number is expected to rise by £1,700 over the course of this Parliament.”
Ms Reeves said more and more retirees were also taking up the pension credit offer.
“Since we launched the campaign, pension credit applications have doubled or tripled, and this is very encouraging because it means more people will actually keep up with their winter fuel payments,” he said.
The triple-lock promise ensures state pension funds rise by 2.5%, average earnings, or inflation, whichever is higher.