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With new research suggesting the State Pension age may need to rise to 71, we look at how the State Pension and the triple lock has changed, what’s next, and how to get the full State Pension.
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Published on 9 February 2024
It was correct at the time of publishing. Our views and any references to tax, investment and pension rules may have changed since then.
The autumn statement confirmed the State Pension will rise by 8.5% in April 2024 in line with the triple lock.
For someone receiving the full new State Pension (a man or woman born on or after 6 April 1951 and 1953 respectively), their weekly pension income will grow from £203.85 to £221.20. For anyone receiving the full basic State Pension (a man or woman born before 6 April 1951 and 1953 respectively), their weekly income will rise from £156.20 to £169.50.
This news will be welcomed by those who’ve struggled to make ends meet during the cost-of-living crisis. With inflation showing signs of falling back, such an increase has the potential to bring some much-needed breathing space to people’s budgets.
The decision does however bring an extra headache for theRead more on hl.co.uk