The state pension increased by 8.5 percent this week following the Government’s commitment to the triple lock.
This means an inflation-busting income rise for those aged 65 and above who receive Government-funded pension payments.
Below are all the details you need to know about the increase and the triple lock.
Under the triple lock system, the state pension increases each April in line with whichever of these three measures is highest:
a) inflation, as measured by the Consumer Prices Index (CPI) in September of the previous year
b) the average increase in wages across the UK
c) or 2.5 percent
The triple lock was introduced by the Conservative-Liberal Democrat coalition government in 2010. It was designed to ensure the value of the state pension was not overtaken by the increase in the cost of living or the working population’s income.
Men and women born between October 6, 1954 and April 5, 1960 start receiving their pension at the age of 66.
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.
