Martin Lewis warns state pensioners that promise from Rachel Reeves is 'simply not true'

Martin Lewis warns state pensioners that promise from Rachel Reeves is 'simply not true'
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Martin Lewis has issued a warning to state pensioners over a Triple Lock hike promise from Chancellor Rachel Reeves. Mr Lewis, who has a BBC Sounds podcast, spoke out on ITV Good Morning Britain, where he dialled in via video link from his home.

Appearing on Thursday, Mr Lewis spoke out to Kate Garraway and her co-host Ed Balls. Mr Lewis slammed Ms Reeves' promise for state pensioners, saying it was "simply not true" that most would be handed a pay hike worth over £400.

Mr Lewis said: "I was listening to your interview, two things she said when she was talking about state pensions. The first thing she said is that state pensioners will get £470 uplift because of the triple lock, that is simply factually not true for the vast majority of state pensioners, let's just do this properly."

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Martin explained: "That is the rise you will get if you're on the full, new state pension." He said: “First of all, three in four pensioners are on the old state pension." The Chancellor confirmed that both the old (basic) and new State Pension are set to rise by 4.1% on 6 April 2025, under what's known as the 'triple lock' guarantee.

Those on the full New State Pension will see their weekly pension rise from £221.20 to £230.25. Those on the Old State Pension will see a weekly rise from £169.50 to £176.45. The Guarantee Element of Pension Credit – a top-up benefit for low-income pensioners – will also increase by 4.1% from April 2025, meaning an annual increase of £465 for single pensioners, and £710 for couples.

Benefits, including Universal Credit and Child Benefit, will increase by 1.7% from April 2025, the Labour Party Chancellor Ms Reeves also revealed during her speech to the Commons on Wednesday (October 30).