State pensioners given £11 weekly extra from Monday in triple lock change | Personal Finance | Finance
State pensioners will be given a cash boost of £11.05 per week from Monday thanks to a triple lock change. The new tax year starts on April 6 which means State Pension payment rates will go up.
The exact amount is determined by whichever is the highest of the triple lock factors, including the consumer price index (CPI) measure of inflation (measured in September of the previous year), average wage growth between May and July of the previous year, or 2.5%. As average wage growth was the highest out of these three factors at 4.8%, State Pension rates are rising by this amount from Monday.
The uprating will take the full new State Pension from £230.25 per week to £241.30, giving pensioners a weekly cash boost of £11.05.
Over a year this amounts to a total of £12,547.60 in pension payments (up from £11,973), giving pensioners on the full rate an extra £575 annually. The figures are based on the maximum possible amount for those with a full qualifying National Insurance record, so those without enough qualifying years will receive less.
Work and Pensions Secretary Pat McFadden said: “I know global shocks, and the effects they have on our living costs, will be increasing anxiety for many households. This government will always protect our pensioners, and that’s why we are raising the full rate of new State Pension by up to £575 this coming year.”
You can claim the new State Pension once you reach State Pension age if you’re a man born on or after April 6, 1951, or a woman born on or after April 6, 1953.
Anyone born before these dates will get the basic State Pension instead, which is also rising by 4.8% from Monday. The increase will take the weekly rate from £176.45 per week to £184.90, giving older pensioners a weekly cash boost of £8.45.
Over a full year this amounts to a total of £9,614.80 in pension payments (up from £9.175.40), meaning those on the full rate will get an extra £439 annually.
The State Pension uplift comes alongside a 4.8% boost to Pension Credit from Monday, which is worth an average of £4,300 per year, and unlocks access to further support like help with housing costs, Council Tax Reductions and free TV licences.
According to the Department for Work and Pensions, the Government’s Triple Lock commitment means pensioners’ incomes will rise by up to £2,100 over this parliament.
The DWP said this week: “The Government has already delivered above-inflation increases worth up to £395 in real terms over this Parliament. By its end, pensioners’ annual incomes are expected to rise by up to £2,100 – boosting financial security for millions.
“Pension Credit will also rise by 4.8% and be worth an average of £4,300 a year, unlocking further support including help with housing costs, council tax and free television licenses. Between 2026 and 2027, the government will provide a £6 billion boost to spending on State Pensions and pensioner benefits.”
