Millions of retired Brits across the country will see a much-needed increase in their state pension from today.
Previously, the Chancellor confirmed that the triple lock will return after it was downgraded to a double lock last year following economic challenges from the Covid pandemic. The triple lock ensures that state pensions rise by either the highest of average earnings, Consumer Price Index (CPI), or by 2.5 per cent; whichever amount is higher.
From today, state pensions will rise by last September's inflation rate of 10.1 per cent, meaning the full new state pension will rise from £175.15 and the basic state pension will rise from £141.85.
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Here's a complete breakdown of how your pensions will change from today...
How much will my state pension increase?
There are two different varieties of state pensions. Your date of birth will determine whether you are claiming the new state pension or the basic state pension.
The basic state pension will see a rise from £141.85 to £156.20. You are eligible for this older scheme if you retired before April 6, 2016 - to receive a full claim, you may need around 30 qualifying years of contributions.
Meanwhile, the new state pension will increase to £203.85 and is given to women born on or after April 6, 1953 and men on April 6, 1951. It is understood that you will often need 10 qualifying years of contributions to receive this pension which rises to 35 years if you want the full sum.
How do I check which pensions I'm receiving?
If you are unsure which state pension plan you are covered by, there are a few ways you can double check. The easiest is to head over to Gov.uk and fill in your details - this will tell you which state pension you are receiving and what your forecast is.
Otherwise, you can fill in a BR19 application form and send it by post or dial the Future Pension Centre at 0800 731 0175 who will post your state pension forecast to you.
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