As of Monday 8th April, the State Pension has risen by 8.5%, in line with average earnings growth from last year, as per the triple lock guarantee. This means that pensioners will receive an above inflation raise to their pension payments.
For those who reached pension age after April 2016, this means an increase to £221.20 per week. This will be £11,592.40 a year.
For those who reached pension age before April 2016, this means an increase to £169.50 per week. This will be £8,814 a year.
This is the second highest increase to the State Pension, after last years 10.1% increase inline with inflation.
The triple lock guarantee means that the state pension will increase each year in line with either the average wage increase in the UK, inflation (taken from the previous September’s Consumer Price Index) or by 2.5%, whichever one is highest.
If you are over State Pension age and on low income you may be entitled to Pension Credit and other benefits. See here for more information and eligibility: https://www.gov.uk/pension-credit
James Daly MP said:
It is great news that the State Pension is getting an above inflation increase in line with average wage increases. The older generation have worked extremely hard over the years leading up to pension age and they deserve to reap the benefits of that hard work. This government’s triple lock guarantee ensures that those receiving a State Pension will see an increase year on year.
