Summary
The state pension in the UK is likely to increase by 4.7% in April, based on wage data from April to July. The increase follows the "triple lock" policy, which raises pensions each year by either 2.5%, inflation, or average earnings growth, whichever is highest. This change will affect nearly 13 million pensioners.
Key Facts
- The state pension is expected to rise by 4.7% in April.
- This change is based on wage growth data from April to July.
- The "triple lock" policy determines pension increases based on the highest of three factors: 2.5%, inflation, or average earnings growth.
- The new flat-rate state pension is expected to be £241.05 a week, or £12,534.60 a year.
- The old basic state pension is expected to be £184.75 a week, or £9,607 a year.
- Total rise for the new pension is £561.60 a year; for the old pension, it will be £431.60 a year.
- Not all pensioners will receive the full amount; it depends on National Insurance contributions.
- About 13 million people currently receive the UK state pension.
