The new pension rates for 2024/25 have been confirmed and pensioners will see their payments increase from April. State pensioners will get a boost worth up to an extra £472 a year
Millions of pensioners have been told the exact date they will receive additional payments into their bank accounts.
State pensioners can expect a boost of up to an extra £472 annually within the next few weeks. The new pension rates for 2024/25 have been confirmed, and older people will see their payments rise from April.
This increase aligns with the Government’s triple lock guarantee. Some will receive larger payments than others, depending on the type of state pension they claim. Those who retired after April 2016 are on the higher full state pension, while everyone else is on the basic state pension.
Those on the full state pension will receive an extra £472 annually from April 7, the start of the new financial year. These are men born after April 1951 and women born after April 1953. Everyone else on the basic state pension will receive a smaller increase of £363 per year, reports Birmingham Live.
The pension rate is increasing by 4.1% under the triple lock. This is a Government commitment that ensures payments increase in line with whatever is highest out of inflation, wage growth, and 2.5%. This guarantees an annual increase of at least 2.5% to ensure payments keep pace with price rises in shops.
However, this increase will follow a winter of hardship for millions of pensioners who lost their Winter Fuel Payments, valued at up to £300, this year. While the long-term future of the triple lock remains uncertain after Conservative leader Kemi Badenoch stated that she would “look at” means testing it in the future if the Tories return to power.
Additionally, several state benefits, including Universal Credit and PIP, are set to rise in April.
