More than 12 million individuals are set to receive a boost in their state pension, with potential increases of up to £575 under the triple-lock guarantee. The Department for Work and Pensions has confirmed that pensioners will benefit from a rate rise of 4.8%, in alignment with average earnings growth.
The full rate of the new state pension is expected to climb from £230.25 to £241.30 per week, while the full basic state pension will rise from £176.45 to £184.90 per week. Secretary of Work and Pensions, Pat McFadden, emphasized the government’s commitment to supporting pensioners, stating that they deserve a dignified retirement.
The state pension is subject to annual increases every April under the triple lock guarantee, which ensures adjustments based on whichever is the highest among total earnings growth, CPI inflation, or 2.5%. Additionally, the minimum guarantee in pension credit will see a 4.8% increase to £238 per week for single pensioners and £363.25 per week for couples.
Amid global economic challenges, including rising oil prices due to the Iran conflict, ministers have highlighted the importance of the triple-lock commitment in safeguarding households from financial strains. Measures such as freezing fuel duty until September have been implemented to mitigate the impact on consumers.
