The Daily Dazzling Dawn

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UK state pension set to rise by £460 next year

by DD Staff

September 10, 2024

key takeaways

With the announcement of the most recent official wage data, the new full state pension is scheduled to increase by £460 year starting in April.

The Office for National Statistics (ONS) reports that during the May to July period, total pay increased at an annual rate of 4%.

Under the arrangement called the "triple lock", the state pension goes up each year by either 2.5%, inflation, or average earnings - whichever is the highest figure.

The news comes as the government faces a backlash over its decision to cut the winter fuel payment for most pensioners.

More than nine million pensioners will no longer be eligible for up to £300 this winter after the Chancellor, Rachel Reeves, announced the introduction of means-testing for the payments.

The latest ONS figures mean that the full, flat-rate state pension (for those who reached state pension age after April 2016) is expected to increase to £230.05 a week. That will take it to £11,962.60 a year, a rise of £460 compared with now.

The full, old basic state pension (for those who reached state pension age before April 2016) is expected to go up to £176.30 a week. That will take it to £9,167.60 a year, a rise of £353.60 compared with now.

Not all pensioners get the full state pension.

The final figure will be decided by the Work and Pensions Secretary, Liz Kendall, around the time of the Budget and may be different if official earnings figures are revised in a month.