26/03/2024

 

The state pension is a payment made every four weeks by the government to people who have reached their state pension age and who have paid enough National Insurance contributions. The state pension increases in line with the ‘triple lock’ every April.

The ‘triple lock’ is designed is to make sure that the State Pension doesn’t lose value over time. It guarantees that, each year, the State Pension will rise by the highest of three measures - average earnings, inflation (CPI), or 2.5%.

In April 2024, this means that the state pension will see an increase of 8.5%, making it worth:

• £221.20 a week for the full, new flat-rate state pension
• £169.50 a week for the full, old basic state pension

For more information, or to get an estimate of your State pension, visit: https://www.gov.uk/new-state-pension