DWP confirms state pension rate to increase within weeks

The state pension rate will be increasing in just a few weeks, boosting the weekly income for millions of older people. The state pension will be going up under the terms of the triple lock and pensioners will notice more money entering their bank accounts on a regular basis.

This will be happening from the start of April. It will be worth up to an extra £472 for older households, depending on the type of state pension they claim. Those who retired after April 2016 are on the higher full state pension, while everyone else is on the basic state pension.

Those on the full state pension will get an extra £472 a year from April. These are men born after April 1951 and women born after April 1953. For others on the basic state pension, their increase will be lower at £363 a year.

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The pension rate is increasing by 4.1% and has been set by the terms of the triple lock. This is a Government commitment and ensures payments increase in line with whatever is highest out of inflation, wage growth and 2.5%. This guarantees an annual increase of at least 2.5%.

However, millions of pensioners will still be worse off overall after being stripped of their Winter Fuel Payments, worth up to £300, this year. There is also uncertainty over the long-term future of the triple lock after Conservative leader Kemi Badenoch said she would "look at" means testing it in future should the Tories return to Government.

A number of state benefits will also be going up in April, including Universal Credit and PIP.