The full basic State Pension is now worth up to £184.90 per week (Image: Getty)
Older state pensioners across the UK can get monthly payments of up to £801.23 from April, thanks to a triple lock change.
The new tax year began on April 6, which means State Pension rates have increased in line with the triple lock at 4.8%. The triple lock determines exactly how much the State Pension goes up each new tax year based on whichever is the highest out of three factors – the consumer price index (CPI) measure of inflation (measured for September in the previous year), average wage growth between May and July of the previous year, or 2.5%.
As average wage growth was the highest out of these three factors at 4.8%, State Pension rates went up by this amount from Monday, April 6.
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The 4.8% increase will apply to payments from April 6 and means those who get the full basic State Pension will now get £184.90 per week, up from £176.45 previously.
As the State Pension is paid every four weeks, older pensioners will receive up to £801.23 per month on average if they are eligible for the full rate.
This is up from £764.62 per month on average under the old rates, giving pensioners on the full rate a monthly cash increase of around £36.61.
Over a full year, the full new rate is worth £9,614.80 in total, up from £9,175.40, amounting to an overall maximum annual boost of £439.40.
Men born before April 6, 1951, and women born before April 6, 1953, receive the basic State Pension, but the amount you get depends on your National Insurance record.
To get the full amount, a man born between 1945 and 1951 usually requires 30 qualifying National Insurance years, while men born before 1945 require 44 qualifying years.
For women, you’ll need 30 qualifying years if you were born between 1950 and 1953, or 39 qualifying years if you were born before 1950.
If you have less than the full number of qualifying National Insurance years, then your basic State Pension will be less than £184.90 per week from April 6.
As for those getting the new State Pension, the weekly rate has gone up from £230.25 to £241.30 on April 6 – a weekly increase of £11.05, giving pensioners on the full rate an extra £574.60 per year.
The figures are based on the maximum possible amount for those with a full qualifying National Insurance record, so those without enough qualifying years will receive less.
The Department for Work and Pensions (DWP) said the Government’s commitment to the triple lock means pensioners’ incomes will rise by up to £2,100 over this Parliament, and this year’s uprating will help millions across the UK facing cost of living pressures.
Commenting on the 4.8% increase on April 6, Minister for Pensions Torsten Bell said: “After a lifetime of work and contribution, people deserve a decent retirement.
“Raising the State Pensions faster than prices, ensuring it is a pension they can rely on, is how we make that a reality for millions.”