More than 12 million pensioners to obtain as much as £575 enhance from triple lock
The full rate of the new state pension will increase from £230.25 to £241.30 a week, and the full basic state pension will shoot up from £176.45 to £184.90 a week
More than 12 million people will be handed a state pension boost of up to £575(Image: Getty)
More than 12 million people will be handed a state pension boost of up to £575 under the triple-lock guarantee.
In line with average earnings growth, pensioners will enjoy a rate rise of 4.8%, the Department for Work and Pensions confirmed.
The full rate of the new state pension will incre ase from £230.25 to £241.30 a week, and the full basic state pension from £176.45 to £184.90 a week.
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Work and Pensions Secretary Pat McFadden said: “We know there is more to do. But this government is standing by our pensioners. Those who have worked all their lives deserve a dignified and fulfilling retirement. I know global shocks, and the effects they have on our living costs, will be increasing anxiety for many households. And those on the state pension are very much in my thoughts.
“Those carefully calculating the number of hours you can heat your home, the cost of a drive to see family, or the essentials you can afford at the supermarket. This government will always protect our pensioners, and that’s why we are raising the full rate of new State Pension by £575 this coming year.”
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.
Ministers have moved 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.
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.
