Pensioners could see a £600 boost to their state pension next year

State pension age is currently 66 in the UK The full new state pension is worth £10,600; however, experts calculate a rise by almost £1,000 a year from next April. As inflation figure sits at 7.9 percent, those receiving state pension may see a significant boost next year. The state pension triple lock means that pensions rise each year by two percent, the rate of inflation, or the rise of average earnings – whatever is highest at the time. The pension rate for the 2024-25 financial year will be determined using the triple lock, including September’s CPI rate. Damon Hopkins, Head of DC Workplace Savings at Broadstone, said: ‘Having benefited from around a £1,000 increase to their state pension this year, another substantial triple lock hike will further embed its importance to the retirement income of millions of pensioners – present and future. State pension is increasing next year “Given the delicate state of the UK Government’s finances, it will raise further questions around the viability of the triple lock. ‘That said, it would take a brave Prime Minister to break a key manifesto pledge for the second time in three years so close to a General Election.’ State pension payments rose by almost £1,000 this year after inflation hit 10.1 percent. Currently, the full new state pension is £203.85 and the basic state pension is £156.20. State pension payments may be affected if you claim Carer’s Allowance Under triple lock rules, the state pension rise for the year ahead is determined by figures published in September of the previous year. The BoE predicts inflation will drop to remain around seven percent September, the point when the state pension rise for 2024/25 will be locked in for the next year. If the BoE’s forecasts prove to be on the money, the full state pension will rise from £10,600 a year to £11,342 a year in April 2024. SUBSCRIBE Invalid email We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info Trending