How much has the state pension gone up by?

UK pensioners are set for an almost 10 per cent cent rise to their state pension income from today (Monday).

The substantial figure is due to the “triple lock” which means the state pension increases in line with whichever is the highest out of: average earnings growth measured from May to July each year; inflation measured in the year from September, or 2.5 per cent.

As a result, the 12 million people who are currently receiving the state pension, are in for a rise higher than what most private and public sector workers are expecting for their pay packets this year. Pensioners are also set to get more than those claiming benefits for disability, injury or providing full-time care.

But the exact amount up for grabs depends on when exactly you retired.

What am I entitled to?

The state pension is paid every four weeks by the Government to people who have paid enough National Insurance contributions and have reached the qualifying age of 66.

If you reached 66-years-old after April 2016, you’ll now be eligible for £221.20 a week from the full, new flat-rate state pension.

This represents a £17.35 rise from £203.85 as pensions will increase by 8.5 per cent as average wages increased by that amount from May to July 2023.

If you reached pension age before April 2016, you’ll now get £169.50 a week from the full, old basic state pension, up from £156.20.

When can I start claiming?

If you were born between 6 October 1954 and 5 April 1960 you can start receiving your pension at the age of 66 onwards.

But if you were born after 5 April 1960 you may have to wait until 67. This will rise to 68 for those born after April 6, 1977. You can use this Government calculator to avoid any errors when working out what applies to you.

Some reports have estimated that those who are under 30 at the time of writing may even have to wait until their 70s to access their state pensions.

What other financial help can pensioners get?

Other age-related benefits are also set for a boost on Monday.

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Pension credit is set to rise £218.15 for single adult, up from £201.05. If you have a partner, it’s set to rise to £332.95, up from £306.8.

However, only those on low income and with low savings are eligible for pension credit. You can find a complete government guide to eligibility here.

There may be upcoming rises on the horizon for a whole host of other benefits which pensioners can claim. In many cases, if you are eligible for pension credit, you will also be able to claim other means-tested benefits.

This may include housing benefits, council tax discounts, and a free TV licence.

However, these means-tested benefits take assets and savings, as well as just income into account. Property other than your main home and premium bonds will also be taken into consideration.

If you have more than £10,000, then usually every £500 over this limit means £1 of weekly income will be detracted from your pension credit.

If you were born before 25 September 1957, you can also get the annual winter fuel payment. This is tax-free and shouldn’t impact your eligibility for other benefits.

Will the triple lock continue?

The Conservatives have pledged to continue the triple lock policy if they get into power in the next general election.

In March, Jeremy Hunt, the Chancellor, confirmed that the triple lock will be included in the Tory manifesto in the forthcoming general election.

Sir Keir Starmer has gone on record to say that he “believes” in the policy but fell short of promising to officially write it into the manifesto, saying that Labour will need to assess the state of the economy.

Experts on both sides of the political spectrum have called the future viability of the policy into question.

David Gauke, who was previously Tory Work and Pensions Secretary and Treasury minister, has said the policy “is no longer justified” and that “that tough choices will have to be made about the public finances.”

He told i in February that: “The political parties need to find a way for them to all get off this hook.”

Meanwhile, former Labour work and pensions secretary Lord Blunkett told i that the triple lock only works when their “low inflation and salary levels commensurate with inflation”.