March 4, 2024
From 6 April 2024, the State Pension will increase by 8.5%, which you’ll no doubt welcome, whether you are already receiving it, or become eligible for it this year.
How the State Pension Triple Lock increase affects weekly pension amounts
Qualification for a full State Pension is based on your National Insurance Contributions (NICs).
The number of years you’ve paid or been credited with these contributions and when you start claiming your State Pension determines the amount you receive. If you’re not sure of your status, you can check your personal NI record and forecast your State Pension via the government website.
This increase, announced as part of Chancellor Jeremy Hunt’s Autumn Statement, translates to significant changes in the weekly pension amounts.
For those receiving the full, new flat-rate State Pension, the new weekly amount will be £221.20.
For those on the full, old basic State Pension, the weekly figure will be £169.50.
What is the State Pension Triple Lock?
The State Pension ‘Triple Lock’ is a system that ensures the State Pension increases each April, with the increase based on the highest of three measures:
To learn more about how the Triple Lock works, see: The State Pension Triple Lock explained – Talis Independent Financial Advisers (talisifa.com)
Understanding your pension options and having a clear picture of how your savings are doing is essential to planning a comfortable retirement. If you’d like the help of an experienced IFA to review your pension position now, or to look at your pension savings for the future, get in touch.
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