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State pension and triple lock: How much is it and when can you get it? What is the state pension triple lock and what is it worth?
(3 months later)
The state pension has risen by 8.5% because of a measure known as the triple lock. The State Pension is likely to go up by more than inflation in April 2025, according to internal calculations seen by the BBC.
It means that pensioners receive an amount designed to keep up with rising prices and wages. Under an 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.
In the run up to the General Election, the Conservative Party has promised to raise the tax-free state pension allowance in what they have called a "Triple Lock Plus". Labour has said this plan was not "credible". The BBC understands the April 2025 uplift will again be linked to average earnings, an increase expected to be worth at least £300 or £400 depending on which state pension people receive.
What is the state pension and how much is it worth?What is the state pension and how much is it worth?
The state pension is a payment made every four weeks by the government, to people who have reached the qualifying age and have paid enough National Insurance contributions.The state pension is a payment made every four weeks by the government, to people who have reached the qualifying age and have paid enough National Insurance contributions.
This year, the link to earnings under the triple lock meant an increase of 8.5% from 8 April, making it worth: In April 2024, the link to earnings meant the state pension went up by 8.5%, making it worth:
£221.20 a week for the full, new flat-rate state pension, external (for those who reached state pension age after April 2016)£221.20 a week for the full, new flat-rate state pension, external (for those who reached state pension age after April 2016)
£221.20 a week for the full, new flat-rate state pension, external (for those who reached state pension age after April 2016)£221.20 a week for the full, new flat-rate state pension, external (for those who reached state pension age after April 2016)
£169.50 a week for the full, old basic state pension, external (for those who reached state pension age before April 2016)£169.50 a week for the full, old basic state pension, external (for those who reached state pension age before April 2016)
£169.50 a week for the full, old basic state pension, external (for those who reached state pension age before April 2016)£169.50 a week for the full, old basic state pension, external (for those who reached state pension age before April 2016)
This is a rise from: If the state pension again goes up by average earnings in April 2025, the BBC understands that it be worth about £12,000 for those on the full new pension, and £9,000 for those who get the full old state pension.
£203.85 a week for the full, new flat-rate state pension State pension to be boosted by over £400 next year
£203.85 a week for the full, new flat-rate state pension State pension to be boosted by over £400 next year
£156.20 a week for the full, old basic state pension
£156.20 a week for the full, old basic state pension
What is the state pension 'triple lock' and how does it work?What is the state pension 'triple lock' and how does it work?
Under the triple lock system, the state pension increases each April in line with whichever of these three measures is highest:Under the triple lock system, the state pension increases each April in line with whichever of these three measures is highest:
inflation, as measured by the Consumer Prices Index (CPI) in the September of the previous yearinflation, as measured by the Consumer Prices Index (CPI) in the September of the previous year
inflation, as measured by the Consumer Prices Index (CPI) in the September of the previous yearinflation, as measured by the Consumer Prices Index (CPI) in the September of the previous year
the average increase in wages across the UKthe average increase in wages across the UK
the average increase in wages across the UKthe average increase in wages across the UK
or 2.5%or 2.5%
or 2.5%or 2.5%
The triple lock was introduced by the Conservative-Liberal Democrat coalition government in 2010.The triple lock was introduced by the Conservative-Liberal Democrat coalition government in 2010.
It was designed to ensure the value of the state pension was not overtaken by the increase in the cost of living or the working population's income.It was designed to ensure the value of the state pension was not overtaken by the increase in the cost of living or the working population's income.
What is the 'triple lock plus?' Chancellor Rachel Reeves has reiterated the government's backing for the triple lock until the end of the current Parliament.
Both the Conservatives and Labour have committed to keeping the triple lock.
It was temporarily suspended after the Covid pandemic distorted average wage figures, but later restored.
In the run-up to the General Election, the Conservatives have also promised to raise the tax-free state pension allowance in what they have called a "Triple Lock Plus".
Under the plans, the personal allowance for pensioners would increase by at least 2.5%, or in line with the highest of earnings or inflation, meaning fewer would have to pay income tax on it.
A similar policy existed in the past but was scrapped by former Conservative chancellor George Osborne.
Labour has not set out whether it would make a similar move but said the Conservatives' plan was not "credible".
The proposed tax break for pensioners is "simply a reversal of a tax increase that the Conservatives proposed", the Institute for Fiscal Studies director Paul Johnson has said.
The big questions on the future of the triple lockThe big questions on the future of the triple lock
The big questions on the future of the triple lockThe big questions on the future of the triple lock
The fight over women's state pensionsThe fight over women's state pensions
The fight over women's state pensionsThe fight over women's state pensions
What is the state pension age and when can I retire? What is the state pension age and how is it changing?
More than 12 million people currently receive the state pension.More than 12 million people currently receive the state pension.
Men and women born between 6 October, 1954 and 5 April, 1960 start receiving their pension at the age of 66.Men and women born between 6 October, 1954 and 5 April, 1960 start receiving their pension at the age of 66.
But for people born after this date, the state pension age is increasing:But for people born after this date, the state pension age is increasing:
a gradual rise to 67 for those born on or after 5 April, 1960a gradual rise to 67 for those born on or after 5 April, 1960
a gradual rise to 67 for those born on or after 5 April, 1960a gradual rise to 67 for those born on or after 5 April, 1960
a gradual rise to 68 between 2044 and 2046 for those born on or after 5 April, 1977a gradual rise to 68 between 2044 and 2046 for those born on or after 5 April, 1977
a gradual rise to 68 between 2044 and 2046 for those born on or after 5 April, 1977a gradual rise to 68 between 2044 and 2046 for those born on or after 5 April, 1977
There was speculation in the run-up to the 2023 Budget that the second increase would be brought forward, potentially to the late 2030s.There was speculation in the run-up to the 2023 Budget that the second increase would be brought forward, potentially to the late 2030s.
However, in March 2023, the government said it had no plans to change the timetable and indicated a decision was expected in 2026, after the next general election. However, in March 2023, the previous Conservative government said it had no plans to change the timetable and indicated a decision was expected in 2026.
In February 2024, the International Longevity Centre UK think tank published a report suggesting that the state pension age may need to increase more quickly than the current schedule.In February 2024, the International Longevity Centre UK think tank published a report suggesting that the state pension age may need to increase more quickly than the current schedule.
The organisation tracks the impact of growing life expectancy and falling birth rates.The organisation tracks the impact of growing life expectancy and falling birth rates.
It argues that the UK and other countries with ageing populations will have to increase their state pension age to 71 by 2050,, external to keep the cost sustainable.It argues that the UK and other countries with ageing populations will have to increase their state pension age to 71 by 2050,, external to keep the cost sustainable.
The state pension cost £110.5bn, external in 2022-2023, just under half the total amount the government spends on benefits.The state pension cost £110.5bn, external in 2022-2023, just under half the total amount the government spends on benefits.
The Office for Budget Responsibility thinks this will grow to £124bn in 2023-2024. The Office for Budget Responsibility thinks this will grow to £124bn for 2023-2024.
Check your state pension age, externalCheck your state pension age, external
Check your state pension age, externalCheck your state pension age, external
Check your state pension forecast, externalCheck your state pension forecast, external
Check your state pension forecast, externalCheck your state pension forecast, external
What other financial help do pensioners get? What is pension credit and who is eligible?
Depending on their overall income, those above retirement age may also be entitled to Pension Credit, external in addition to the basic state pension. Depending on your overall income, those above retirement age may also be entitled to Pension Credit, external in addition to the basic state pension.
Pension Credit tops up your weekly income to:Pension Credit tops up your weekly income to:
£218.15 if you're single, up from £201.05 £218.15 if you are single
£218.15 if you're single, up from £201.05 £218.15 if you are single
£332.95 if you have a partner, up from £306.85 £332.95 if you have a partner
£332.95 if you have a partner, up from £306.85 £332.95 if you have a partner
If your income is already above those limits, you might still be eligible if you have a disability or care for someone.If your income is already above those limits, you might still be eligible if you have a disability or care for someone.
Anyone who qualifies for Pension Credit may also be entitled to other financial support, including cost-of-living payments, housing benefit, a reduction in council tax, or help with heating costs through the Warm Home Discount Scheme. Anyone who qualifies for Pension Credit may also be entitled to other financial support, including housing benefit, a reduction in council tax, or help with heating costs through the Warm Home Discount Scheme.
People born before 25 September 1957 are also entitled to the annual winter fuel payment., external Check if you can get pension credit, external
Check if you can get pension credit, external
Pension Credit campaign expands across capitalPension Credit campaign expands across capital
Pension Credit campaign expands across capitalPension Credit campaign expands across capital
Related Topics How much is the winter fuel payment and how are the rules changing?
Previously everyone in England and Wales born before 25 September 1957 was entitled to the annual winter fuel payment,, external worth between £100 and £300.
However the chancellor has said that from autumn 2024, those who are not on pension credit or other means-tested benefits will no longer get the payment.
About 10 million people will be affected.
Winter fuel payments had to be scrapped, minister insists
Winter fuel payments had to be scrapped, minister insists
Pensioners are 'two bill increases from crisis'
Pensioners are 'two bill increases from crisis'
Pensioners urged to claim as winter fuel support cut
Pensioners urged to claim as winter fuel support cut
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