State Pensions increase each April and the amount they go up by is worked out by the triple lock – from Liberal Democrats pensions minister Sir Steve Webb.
State pensioners born after 1951 could be handed as much as £920 in their upcoming payments. State Pensions increase each April and the amount they go up by is worked out by the triple lock – from Liberal Democrats pensions minister Sir Steve Webb.
The mechanism, introducedby Webb, is used to ensure the payment rates rise each year in line with whichever is higher out of inflation, earnings or 2.5%. This year, they are set to go up by 4.1% in line with the growth in average earnings.
Most other benefit rates will rise by 1.7% in line with inflation. The full New State Pension works out at £230.25 (from £221.20), or £920 for a four-weekly payment, and annual amount of £11,973 (from £11,502). The Full Basic State Pension rises to £176.45 (from £169.50) or £705.80 (from £678) for a four-week payment.
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Work and pensions minister Sir Stephen Timms told the House of Commons in February: “The Government’s commitment to the triple lock means that the basic and full rate of the new state pension will be uprated by the highest of the growth in earnings or prices or 2.5%.
“This will mean 4.1% for 2025/26. From April this year the basic state pension will increase from £169.50 per week to £176.45, and the full rate of the new state pension will increase from £221.20 to £230.25. We are fully committed to maintaining the pensions triple lock. There’s some confusion currently about the position of the party opposite.”
He added that the standard minimum guarantee of Pension Credit will also increase by 4.1%, going from £218.15 to £227.10 per week for single pensioners and from £332.95 to £346.60 per week for couples.
The state pension is paid out to anyone aged over 66 who has a minimum of 10 years of National Insurance records. You’ll be able to claim the new State Pension when you reach State Pension age if you’re a man born on or after 6 April 1951 or a woman born on or after 6 April 1953
If you were born before, these rules do not apply. Instead, you’ll get the basic State Pension. You may also get Additional State Pension.
