Over 12 million individuals are set to receive a state pension increase of up to £575 as part of the triple-lock guarantee.
Confirming the adjustment, the Department for Work and Pensions stated that pensioners will see a 4.8% rise in alignment with average earnings growth.
The full amount of the new state pension is set to climb from £230.25 to £241.30 per week, while the full basic state pension will rise from £176.45 to £184.90 weekly.
Pat McFadden, the Secretary of Work and Pensions, emphasized the government’s commitment to supporting pensioners, acknowledging the challenges faced by households due to global economic uncertainties and rising living costs.
Under the triple-lock guarantee, the state pension is adjusted annually in line with the highest percentage increase among total earnings growth, CPI inflation, or 2.5%. Additionally, the minimum guarantee in pension credit will also rise by 4.8% to £238 per week for single pensioners and £363.25 weekly for couples.
In response to the impact of global events, such as the Iran conflict affecting oil prices and the UK economy, ministers have highlighted the triple-lock commitment as critical in safeguarding households from financial strains.
To address the rising living costs, the freeze on fuel duty will be maintained until September, with a potential review of the scheduled increase considering the current economic circumstances. Other nations, including Australia, have already taken steps to mitigate the effects on drivers.
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