The money expert has urged 'caution' among state pensioners as most won't see the full £475 Triple Lock increase that is set to boost pensions in April 2025
Money-saving guru Martin Lewis has issued a stark warning to millions of state pensioners that they are unlikely to receive the full £475 Triple Lock increase often mentioned in the press. This week, it was announced that the state pension is set for a 4.1 percent hike from April 2025, as per the Triple Lock mechanism which ensures pensions rise by either inflation, wage growth or 2.5 percent – whichever is greater.
He explained: "It came in April 2016 and is a totally new type of pension for anyone who hits state pension age in April 2016 or beyond. But if you look at the numbers, only 1 in 4 pensioners are on the new state pension, the rest are on the old state pension because they hit state pension age beforehand.""The old state pension is less than the new state pension therefore a 4.1 percent rise in the old state pension is not as much.
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