More than 12 million pensioners to receive up to £575 increase from triple lock

More than 12 million people in the UK will see their state pension increase by up to £575 under the triple-lock guarantee.

In line with average earnings growth, the rate will rise by 4.8% from Monday, the Department for Work and Pensions has confirmed.

The full rate of the new state pension will increase from £230.25 to £241.30 a week, and the full basic state pension from £176.45 to £184.90 a week.

Under the triple lock guarantee, the state pension increases every April in line with whichever is the highest out of total earnings growth, CPI (Consumer Prices Index) inflation or 2.5%.

The standard minimum guarantee in pension credit will also increase by 4.8% to £238 a week for a single pensioner and £363.25 a week for a couple.

The Government has sought to highlight the triple-lock commitment as an example of support to protect households against a cost-of-living squeeze as the Iran war sends global oil prices skyrocketing and hits the UK economy.

Opposition critics have argued that further measures should be introduced to ease the burden on consumers ahead of an expected increase in energy bills when Ofgem’s price cap expires in July and amid rising costs at the pump.

Fuel duty is frozen until September, with the rise scheduled for then under review as a result of the high prices, but other countries, including Australia, have already taken action to reduce the impact on drivers.

Work and Pensions Secretary Pat McFadden said: “I know global shocks, and the effects they have on our living costs, will be increasing anxiety for many households.

“This Government will always protect our pensioners, and that’s why we are raising the full rate of new state pension by up to £575 this coming year.”