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State pension rises due to ‘triple lock’

  • April 8, 2024
  • 2 min read
State pension rises due to ‘triple lock’

The state pension has risen by 8.5% due to a measure known as the triple lock. It means that pensioners would receive an amount designed to keep up with rising prices or wage increases. The state pension is a payment made to those who have reached the age to qualify and have paid enough National Insurance contributions. It is paid out by the government every four weeks.

This year, the link to earnings under the triple lock means an increase of 8.5% starting from the 8th of April. That works out at £221.20 per week for the full, new flat-rate state pension for those who reached the state pension age after April 2016. It also means 169.50 a week for the full, old basic state pension for those who reached the age before April 2016.

This rises from £203.85 a week for the full, new flat-rate state pension, and £156.20 a week for the full, old basic state pension.

Under the triple lock system, the state pension increases every April in line with whatever is highest between inflation, as measured by the Consumer Prices Index in September of the previous year, the average increase in wages across the country, or 2.5%.

It was introduced by the coalition government in 2010 and was designed to ensure the value of the state pension is not overtaken by the increase in the cost of living or the income of the working population.

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