Pensioners across the UK should now expect a record rise in the payments very soon. For those on the new State Pension, there will be an increase from £185.15 per week to £203.85 per week starting from Monday, April 10.
With pensions usually paid out every four weeks, this will see a new amount of £815.40 a month going into accounts following a 10.1 per cent increase in the State Pension after the triple lock was kept in place, Derbyshire Live reports. The triple lock means that the annual rise is linked to either inflation, wage growth or 2.5%, whichever of the three is the highest.
The UK inflation rate was 10.1% in January, much higher than wage growth, hence the 10.1 per cent increase. However, out of the 12.6 million people drawing a State Pension, only 2.9 million (23 per cent) are on the new State Pension.
