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| State pension and triple lock: How much is it and when can you get it? | State pension and triple lock: How much is it and when can you get it? |
| (12 days later) | |
| The state pension has risen by 8.5% because of a measure known as the triple lock. | The state pension has risen by 8.5% because of a measure known as the triple lock. |
| It means that pensioners receive an amount designed to keep up with rising prices and wages. | It means that pensioners receive an amount designed to keep up with rising prices and wages. |
| 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". | |
| 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: | This year, the link to earnings under the triple lock meant an increase of 8.5% from 8 April, 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: | This is a rise from: |
| £203.85 a week for the full, new flat-rate state pension | £203.85 a week for the full, new flat-rate state pension |
| £203.85 a week for the full, new flat-rate state pension | £203.85 a week for the full, new flat-rate state pension |
| £156.20 a week for the full, old basic state pension | £156.20 a week for the full, old basic state pension |
| £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 year | inflation, 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 year | inflation, as measured by the Consumer Prices Index (CPI) in the September of the previous year |
| the average increase in wages across the UK | the average increase in wages across the UK |
| the average increase in wages across the UK | the 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?' | |
| 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 lock | The big questions on the future of the triple lock |
| The big questions on the future of the triple lock | The big questions on the future of the triple lock |
| The fight over women's state pensions | The fight over women's state pensions |
| The fight over women's state pensions | The fight over women's state pensions |
| What is the state pension age and when can I retire? | What is the state pension age and when can I retire? |
| 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, 1960 | a 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, 1960 | a 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, 1977 | a 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, 1977 | a 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 government said it had no plans to change the timetable and indicated a decision was expected in 2026, after the next general election. |
| 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 in 2023-2024. |
| Check your state pension age, external | Check your state pension age, external |
| Check your state pension age, external | Check your state pension age, external |
| Check your state pension forecast, external | Check your state pension forecast, external |
| Check your state pension forecast, external | Check your state pension forecast, external |
| What other financial help do pensioners get? | What other financial help do pensioners get? |
| 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 their 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're single, up from £201.05 |
| £218.15 if you're single, up from £201.05 | £218.15 if you're single, up from £201.05 |
| £332.95 if you have a partner, up from £306.85 | £332.95 if you have a partner, up from £306.85 |
| £332.95 if you have a partner, up from £306.85 | £332.95 if you have a partner, up from £306.85 |
| 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 cost-of-living payments, 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 | People born before 25 September 1957 are also entitled to the annual winter fuel payment., external |
| Pension Credit campaign expands across capital | Pension Credit campaign expands across capital |
| Pension Credit campaign expands across capital | Pension Credit campaign expands across capital |
| Related Topics | Related Topics |
| Money | Money |
| Personal finance | Personal finance |
| Inflation | Inflation |
| Cost of Living | Cost of Living |
| Pay | Pay |
| Pensions | Pensions |