State pensioners handed £460 Triple Lock boost by DWP as figures confirmed
State pension rates are set to rise by hundreds of pounds in April.
The full new state pension is set to rise by £460 from next April, based on official wage data. Wage growth, which saw the largest increase among the three triple lock metrics this year, is expected to be the main factor in determining the pension increase.
Under the "triple lock" guarantee, the state pension rises each April by the highest of three measures: average earnings growth, CPI inflation, or 2.5 percent.
The Office for National Statistics (ONS) reported today that Consumer Price Inflation rose by 2.2 percent in the 12 months to August.
Meanwhile, total pay increased by four percent in the three months to July, suggesting a four percent rise in state pension rates.
However, these figures may be revised in next month’s data, and the Government will confirm the planned increase in the autumn.
The New State Pension rate
The new state pension is paid to:
- Men born on or after April 6, 1951
- Women born on or after April 6, 1953.
To receive any rate of state pension, people must have at least 10 qualifying years on their National Insurance record.
The number of qualifying years on this record is used to determine how much state pension a person will receive but usually, to get the full rate, a person should have at least 30.
Based on this month's figures, the full new state pension is expected to rise to £230.05 per week in April 2025, up from the current rate of £221.20. This equates to £11,962.60 per year, reflecting an increase of £460.
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The Basic State Pension rate
The Basic State Pension is paid to:
- Men born before April 6, 1951
- Women born before April 6, 1953.
Based on this month's figures, the full basic state pension is expected to rise to £176.30 per week in April 2025, up from the current rate of £169.50. This equates to £9,167.60 per year, reflecting an increase of £354.
Chancellor Rachel Reeves will announce the official state pension rate increase during the Autumn Statement on October 31.
