Basic and New State Pension payments will increase next year by 10.1% for some 12.5 million older people across the UK, including 992,052 living in Scotland. The honouring of the Triple Lock rule was confirmed last month during Chancellor Jeremy Hunt’s Autumn Statement and means that older people are set for an income boost from April, 2023.
Of the overall UK total number of people claiming State Pensions there are 10.1 million currently receiving Basic State Pension payments of up to £141.85 per week, compared to 2.4 million getting New State Pension payments, which are worth up to £185.15 each week. Worryingly, there are over 1.9 million people receiving less than £100 per week in State Pension payments and just under 1.5 million of these are women.
By honouring the State Pension Triple Lock it means those on the full New State Pension will see payments increase from £185.15 per week to £203.85 and those on the Basic State Pension will see weekly payments rise from £141.85 per week to £156.20.
