Millions of pensioners will receive a boost to their finances from April. The state pension rate is increasing, putting more money into pockets of older people to help them cope with household bills.
The rate is going up by 4.1% under the terms of the triple lock, which guarantees an increase each year matching whatever is highest out of inflation, wage growth or 2.5%. The latest rise is based on wage growth figures for 2024.
But the state pension rate isn’t the same for everyone. It depends how old you are. Those who retired after April 2016 are on the higher full state pension, while everyone else is on the basic state pension.
READ MORE: Huge state pension change to impact everyone born after this date
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Those on the full state pension will get an extra £472 a year from April, when claimants will notice more money dropping into their bank accounts. These are men born after April 1951 and women born after April 1953. For those who are older and on the basic state pension, their increase will be lower at £363 a year.
The new weekly rates will be £230.25 for the full state pension and £176.45 for the basic state pension. The new rates were set after the Labour Government committed to sticking with the triple lock to “protect” pensioners.
However, it comes after 10 million pensioners had the Winter Fuel Payment removed, including an estimated two million on low incomes. A number of other benefits will also be going up in April, including Universal Credit and PIP.