The Secretary of State for Work and Pensions and the Treasury have undertaken a review of State Pensions.
The results of the new rates for pensions included in the review have now been published and provide a guide for how much State Pensions will go up by 2023/24. It's important to note that the Basic and New State Pensione will be up-rated in line with CPI inflation after the government confirmed its commitment to the triple lock.
Chancellor Jeremy Hunt confirmed that state pensions will rise in line with inflation and that the pension credit will increase by 10.1per cent. He also highlighted that the commitment would cost the government £11bn
Read more: 11 key announcements from Jeremy Hunt's Autumn statement including new cost of living payments
Speaking to the House of Commons, he added: "To support the poorest pensioners, I have decided to increase the pension credit by 10.1% which is worth up to £1,470 for a couple and £960 for a single pensioner in our most vulnerable households.
“But the cost-of-living crisis is harming all pensioners so because we have taken difficult decisions elsewhere in this statement, I can today announce that we will fulfil our pledge to the country to protect the pensions triple-lock.”
Here's a breakdown of how state pensions will change going in order from the 2022/23 amount, what it will be in 2023/24, and the increase in the amount:
- Full Basic State Pension - £141.85/£156.20/£14.35
- Full New State Pension - £185.15/£203.85/£18.70
- Pension Credit Standard Minimum Guarantee, Single - £182.60/£201.05/£18.45
- Pension Credit Standards Minimum Guarantee, Couple - £278.70/£306.85/£28.15
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