State Pension Increase: How Much Will April Payments Increase After Triple Lock?

The state pension rose 8.5% on Monday (April 8) in line with the government’s commitment to the triple lockdown.

That means people aged 65 and over receiving government-funded pensions will see their incomes rise, keeping inflation in check.

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

How much will the state pension increase?

Under the triple lock guarantee, the state pension will increase by 8.5%, in line with last year’s average earnings growth. This is the second largest ever increase in state pension levels.

The new state pension tax rate for 2024/25 will be:

This is a rise from:

Recipients should continue to receive payments every four weeks, but there may be slight changes during bank holidays. However, because the state pension is paid in arrears – meaning at the end of the maturity period – everyone will have until May 6 to start receiving the increase.

What is the state pension triple lock?

The triple lock guarantee, first introduced in 2011, means the state pension has grown year-on-year The highest of the three measurements. all these are:

Since the CPI in September 2023 was 6.7%, the average wage increase of 8.5% was the highest increase.

The state pension will increase by 10.1% in 2023, in line with September’s record inflation figures. This marks the highest ever increase in state pensions in the UK.

The triple lock was introduced to ensure that the state pension was not exceeded by rising prices or the average spending power of workers.

The measure has been criticized for potentially lacking long-term sustainability, resulting in further costs to the government each year. The cost of pension payments to the government is estimated at £124.3 billion in 2023/24.

Work and Pensions Secretary Mel Stride defended the triple lock, saying it protected fixed-income pensioners who could not “work longer or find a different job”.

What is the age for receiving the state pension 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 could only withdraw your personal pension, depending on your provider, and usually not before you turned 55.

The state pension age will increase to 67 from 6 May 2026. The transition will be gradual, with the state pension age at 66 years plus 1 month for those born on 6 April 1960 and 66 years plus 2 months for those born on 6 April 1960 moon. May 6, 1960, and so on.

For those born on or after March 6, 1961, it would be 67 years.

What other financial support is available to pensioners?

If you’re of state pension age but don’t qualify for the full pension – and are on a low income – you may be eligible for pension credits. This will allow you to earn:

If you are eligible for Pension Credit, you may also be eligible for other benefits or a lump sum payment.