Millions of retired Brits will receive a welcome boost to their finances next week as the state pension increases by 10.1%.
State pension ( Photo: Birmingham Live )
The triple lock guarantees that the state pension rises by the highest of average earnings
The decision to keep the triple lock promise in place has been confirmed by the Tories, following months of speculation. This promise was downgraded to a double lock in 2022, but with the triple lock guarantee coming back, the full state pension will rise by 10.1%, in line with the inflation rate of September 2022.
The new rates will come into effect from April 10, but when the difference will be noticed depends on the date of the next payment.
There are two types of state pensions, and which one an individual claims depend on when they were born. The full new state pension, which is currently worth £185.15 per week, will rise to £203.85 and can be claimed by men born on or after April 6, 1951, and women born on or after April 6, 1953.
The amount received depends on the number of years of National Insurance contributions made during their working life
To receive the full new state pension, one must have accrued 35 qualifying years, while 10 years are required to get any amount at all. The full basic state pension, currently worth £141.85 per week, will increase to £156.20 and can be claimed by men born before April 6, 1951, and women born before April 6, 1953.
The amount received also depends on one’s National Insurance record, and 30 qualifying years are required to receive the full amount.
The state pension age for men and women retiring now is 66, which will increase to 67 between 2026 and 2028, with a further increase to 68 planned between 2044 and 2046.
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