The state pension is set to rise by £460 a year from April, following the latest official data from the Office for National Statistics (ONS). According to the ONS, total pay in the May to July period increased at an annual rate of 4%, which means the state pension, governed by the “triple lock” arrangement, will increase by the highest of 2.5%, inflation, or average earnings. This rise comes as the government faces criticism for cutting the winter fuel payment for most pensioners, a move that will leave over nine million pensioners ineligible for up to £300 this winter due to the introduction of means-testing by Chancellor Rachel Reeves.
Under the triple lock, the full pension is expected to rise to £230.05 a week, amounting to £11,962.60 annually—a £460 increase compared to the current rate. Those on the full, old basic state pension will see their payments rise to £176.30 a week, totalling £9,167.60 a year, an increase of £353.60. However, it’s important to note that not all pensioners receive the full state pension.
The final state pension increase will be confirmed by Work and Pensions Secretary Liz Kendall closer to the Budget, and there is potential for adjustments if official earnings figures are revised. This anticipated rise offers some financial relief amid growing concerns about pensioner benefits, though it does little to quell the discontent surrounding other recent cuts.
For more details on how it’s calculated, visit the UK Government’s official state pension page.
