Under the triple lock promise, the state pension will rise by 8.5% from Saturday, April 6 with pensioners set to see from £600 to £1,000 extra a year from this weekend
Millions of state pensioners will see their pension payments from the Department for Work and Pensions (DWP) rise this weekend.
Under the triple lock promise, the state pension will rise by 8.5% from Saturday, April 6 with the new full new state pension surpassing £11,000 for the first time ever. The full new state pension is currently worth £203.85 per week and this will rise to £221.20 from Saturday. From this weekend, the new full state pension will rise from £10,600 a year to £11,500 for the 2024/25 tax year.
The new full state pension is paid to retirees who reached the state pension age after April 16 2016. The basic state pension, paid to those who reached the state pension age before April 2016, currently pays £156.20 per week and this will rise to £169.50. Over the year, this takes the basic state pension from £8,122 a year to £8,814 – an increase of more than £600.
The increase of 8.5% was confirmed in Chancellor Jeremy Hunt’s Autumn Statement last year and was set by September’s earnings figure due to the triple lock promise. The triple lock was set up by the Tory-Lib Dem coalition of 2010, guaranteeing that the state pension rises each April by the highest of inflation (using the previous September rate of Consumer Prices Index (CPI) inflation figure), wages (average growth between May and July), or 2.5% – whatever is highest.
You do not need to do anything to get the higher state pension payments as the rise will automatically be applied by the DWP. You will also receive the new rate when your next state pension payment is paid. State pension is paid every four weeks and the day you are paid depends on your National Insurance number – this is the same for both the old and new state pension.
The last two numbers of your National Insurance number dictate your payment day. According to the GOV.UK website, if your last two numbers are:
- 00 to 19 – you are paid on Monday
- 20 to 39 – paid on Tuesday
- 40 to 59 – paid on Wednesday
- 60 to 79 – paid on Thursday
- 80 to 99 – paid on Friday
How much is state pension rising in April 2024?
This is how much your state pension will be rising from Saturday, April 6, 2024:
New full state pension:
- Current – £203.85 a week
- Rising to – £221.20 a week
Basic state pension:
- Current – £156.20
- Rising to – £169.50
