State pension increase: How much will payments go up in April with the triple lock?

Pensioners get another record income boost in April 2024

The state pension rises by 8.5 per cent on Monday (April 8) in line with the government’s commitment to the triple lock.

This will mean an inflation-busting income rise for those aged 65 and above who receive the government-funded pension payments.

Here’s everything you need to know about April’s pension increase:

How much is the state pension going up?

The state pension is increasing by 8.5 per cent, in line with average earnings growth last year, as per the triple lock guarantee. It represents the second-ever largest rise in the state pension rate.

The new state pension rates for 2024/25 will be:

• £221.20 per week for the new state pension (for those who reached state pension age after April 2016). This will be £11,502.40 a year.
• £169.50 per week for the basic state pension (for those who reached state pension age before April 2016). This will be £8,814 a year.

This is a rise from:

• £203.85 a week for the new state pension
• £156.20 a week for the basic state pension

Recipients should continue to receive their payments every four weeks, subject to slight changes around bank holidays. However, as the state pension is paid in arrears – meaning at the end of the period for which it is due – it will take up to May 6 for everyone to start receiving the boosted amount.

What is the state pension triple lock?

The triple lock guarantee, first implemented in 2011, means the state pension increases year-on-year by the highest of three measures. These are:

• Inflation, taken from the previous September’s Consumer Price Index (CPI) figure
• The average wage increase in the UK
• Or 2.5 per cent, if both inflation and earnings are lower than this percentage

Because CPI stood at 6.7 per cent in September 2023, the 8.5 per cent average wage rise represented the highest increase.

In 2023, the state pension increased by 10.1 per cent, in line with September’s record inflation figure. This marked the UK’s highest ever state pension increase.

The triple lock was introduced to ensure that the state pension would not be outstripped by rising prices, nor by the average spending power of those in work.

The measure has been critcised for potentially lacking long-term sustainability, costing the government more each year. In 2023/24, pension payments cost the goverment an estimated £124.3 billion.

Defending the triple lock, Work and Pensions Secretary Mel Stride said it protects pensioners on fixed incomes, who cannot ‘work more hours or get a different job’.

What is the state pension age in the UK?

The current state pension age in the UK is 66. This is the age at which you can retire and start receiving your state pension. Before this, you can only withdraw from a personal pension, depending on your provider, and usually not before you reach 55.

The state pension age is set to rise from May 6, 2026, to 67. This transition will be gradual, with the state pension age being 66 and 1 month for someone born on April 6, 1960, 66 and 2 months for someone born on May 6, 1960, and so on.

It will then hit 67 for anyone born on or after March 6, 1961.

What other financial support is available for pensioners?

If you’re of state pension age but don’t qualify for the full amount – andare on a low-income – you may be eligible for pension credit. This tops up your income to:

• £218.15 a week, if you’re single
• £332.95 a week jointly, if you have a partner

If you qualify for pension credit, you may also qualify for other benefits or one-off payments.