State pension to rise by 8.5%

Pensioners will see their payments boosted by up to an additional £902.20 a year in 2024 thanks to the government’s triple lock commitment which was introduced in 2010. The pension triple lock pledges to increase the value of the state pension by the highest of a) average earning growth, b) inflation, or c) 2.5% each year. Under the triple lock the full state pension is set to increase from April, in line with earning growth, by 8.5% to £11,502 per year or £221.20 a week, those who retired before 2016 will see their pension rise to £169.50 per week.

The UK state pension could increase to more than £13,000 a year by 2030 if the government retains its commitment to the pension triple lock. Both the Conservative and Labour parties are expected to pledge to reinstate the measure in their upcoming general election manifestos.