Millions of retired British residents will see their state pensions increase by 4.1% in April, due to the triple lock policy. This means pensioners on the new state pension scheme will receive an extra £471 per year.
Millions of retired British residents will receive an additional £471 monthly starting in April due to the state pension increase. Last year, Chancellor Rachel Reeves confirmed the continuation of the triple lock policy and announced the April rise in state pensions.
The triple lock guarantees that each April, the state pension increases by the highest figure among inflation (calculated using the previous September's inflation rate), wages (the average growth between May and July), or a standard 2.5%. With wage growth at 4.1% last year, state pension payments are projected to increase at this rate in the spring. The Department for Work and Pensions (DWP) funds two primary types of state pensions: the 'new style' state pension and the 'old basic style' state pension. Eligibility for these pensions is determined by when you reach your State Pension age. Men born on or after April 6, 1951, and women born on or after April 6, 1953 – who have retired after April 2026 – are eligible for the new state pension. However, if you were born before these dates and claimed your state pension before April 2016, you will be receiving the old style pension. The current full amount of the old state pension is £169.50 per week, set to increase to £176.28 in April. For those eligible for the full amount, the new state pension will be £221.20 per week, rising to £230.05 in April, reports the Mirror. This means the old state pension will see an annual increase from £8,814 to £9,175 - a rise of £361. However, pensioners who retired after 2016 will see their pensions increase from £11,502 to £11,973 annually - a boost of £471. At present, only one in four pensioners receive the new state pension, compared to three in four who are on the old scheme. It's crucial to note that these figures for the old or basic state pension are for the full amount, and the actual sum you receive depends on your National Insurance record
STATE PENSION UK INCREASE RETIREMENT TRIPLE LOCK
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