How much is the State Pension?
11 Apr 2024
What is the State Pension?
The State Pension is a regular payment from the government that you can receive once you reach State Pension age. It's designed to ensure you have a secure financial foundation in retirement.
Upcoming Changes
Starting April 2024, the amount you'll receive from the State Pension is set to increase. This change follows the government's decision to reinstate the "triple lock" system in 2023 after a brief suspension. Under this system, the State Pension increases annually by the highest of the following three: inflation rate, average earnings growth, or 2.5%.
How Much Will It Increase?
For the year 2024, the State Pension is pegged to rise by 8.5%, a reflection of the average earnings growth recorded between May and July 2023. This adjustment represents the second-largest increase in State Pension history, as noted in the recent Autumn Statement.
What Does This Mean for You?
If you're entitled to the full new flat-rate State Pension (introduced in April 2016), you'll see your weekly pension rise to £221.20 from the previous £203.85. For those on the older basic State Pension (for people who reached State Pension age before April 2016), the weekly amount will increase from £156.20 to £169.50.
Checking Your Pension Forecast
To find out exactly how much you can expect to receive, it's a good idea to check your State Pension forecast. This can be easily done through the government's official website.
