From April, millions of older Britons will see their state pension payments increase by up to £474. The state pension is set to rise by 4.1% from April 7, in line with the triple lock promise.
This ensures that the state pension increases by the highest of either inflation (using the previous September’s inflation figure), wages (average growth between May and July) or 2.5%. This year, the increase in state pension payments is due to wage growth, confirmed at 4.1%.
Government data released this week revealed that the number of people claiming the state pension reached 13 million in August 2024 – an increase of 203,000 from the previous August. However, the amount you receive in state pension payments depends on your National Insurance record.
The full new state pension is currently £221.20 a week, or £11,502.40 a year – this will rise to £230.25 a week, or £11,973 a year, from April. This means the maximum increase is worth £470.60 a year.
You’ll claim the new state pension if you’re a man born on or after April 6, 1951, or a woman born on or after April 6, 1953. Meanwhile, the full basic state pension is currently £169.48 a week, or £8,812.96 a year, and will rise to £176.45 a week, or £9,175.61 a year, according to the Mirror.
The maximum increase for someone on the basic state pension is £362.65 a year. The older basic state pension applies to men born before April 6, 1951, or women born before April 6, 1953.
For the new state pension, individuals typically need 35 qualifying years on their National Insurance record to receive the full amount, and usually ten years to get anything at all. The basic state pension calculation is a bit more intricate.
For men born between 1945 and 1951, generally, 30 qualifying years are needed, or 44 qualifying years if you were born before 1945, to receive the full amount. To get any basic state pension at all, one qualifying year is usually required if you were born between 1945 and 1951, or 11 qualifying years if you were born before 1945.
For women, those born between 1950 and 1953 typically need 30 qualifying years, or 39 qualifying years if you were born before 1950, to receive the full amount. To get any basic state pension at all, one qualifying year is usually required if you were born between 1950 and 1953, or ten qualifying years if you were born before 1950.
