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.”
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Great I have never been so well off.
Sounds great for pensioners until you factor in ‘fiscal drag’.
Wow, over £500 better off!!! Sounds great until one adds up all the increases in council tax, water, electricity, gas, food, fuel, insurances and then one finds we are considerably worse off than we were before. So this time next year if Reeves does not increase the tax threshold we will be paying tax as well!! The government will then be taking back more than they are giving us. As Balldrick said ….. a cunning plan.
Good News!
How can this possibly be “good news” when household bills have gone up far more than the OAP increase? We are way worse off. Next year we may be paying tax if Reeves does not increase the tax threshold.
The should just about cover the council tax rise.
Had UK Gov and major retailers made a bigger effort to curtail inflation and the main factors that drive the cost of living the increase derived from triple lock would have been a lot less costly. Totally useless, just another part of the wage/prices spiral.
The Protected Payment (for not opting out of SERPS) only rises by CPI not the higher Triple Lock as for the core pension payment. The Protected Payment also pushes you over the basic tax threshold so you lose out again there. What a mess !