£550 boost for millions of pensioners next year

13 million pensioners are set to see their State Pension increase faster than inflation next April thanks to the Government’s commitment to the Triple Lock.

From next April the rate of the full new State Pension is expected to increase to just over £240 a week.

This is an increase worth over £550 a year, an extra £120 compared to what it would have been if it had been uprated only by inflation. The full basic State Pension is expected to rise by around an extra £440 a year.

Tackling the cost of living is at the centre of this week’s Budget, and this announcement comes following government action to freeze rail fares and prescription fees next year saving working families millions of pounds.  Government is also cracking down on ticket touts that will cut costs for music lovers across Britain.

At the Budget the Chancellor will go even further to bring down bills, tackle inflation, and grip the cost of living.

Chancellor of the Exchequer Rachel Reeves said:

“Whether it’s our commitment to the Triple Lock or to rebuilding our NHS to cut waiting lists, we’re supporting pensioners to give them the security in retirement they deserve.

“At the Budget this week I will set out how we will take the fair choices to deliver on the country’s priorities to cut NHS waiting lists, cut national debt and cut the cost of living.”

The government is committed to supporting pensioners, and this boost will ensure the State Pension remains the foundation of a secure retirement.  The Triple Lock guarantees that the State Pension increases annually by the highest of inflation, average earnings growth or 2.5 per cent.

This comes alongside other support for the most vulnerable pensioners through Pension Credit, worth on average £4,300 a year, and Winter Fuel Payments for nine million pensioners in England and Wales with an income of, or below, £35,000 a year.

KAYNAK: HM Treasury.gov.uk