State pension and triple lock: What is it worth and when do you get it?
The state pension will go up significantly in April under what is known as the triple lock.
Chancellor Jeremy Hunt announced it will rise by 8.5%.
Pensioners generally receive an increase in line with rising prices or earnings.
What is the state pension and how much is it worth?
The state pension is a payment made every four weeks by the government to people who have reached the qualifying age and have paid enough National Insurance contributions.
In April 2023, the state pension went up by 10.1% - in line with the previous September's measure of inflation.
Since then, it has been worth:
- £203.85 a week for the full, new flat-rate state pension (for those who reached state pension age after April 2016)
- £156.20 a week for the full, old basic state pension (for those who reached state pension age before April 2016)
In April 2024, the link to earnings under the triple lock will see the state pension rise by 8.5%, making it worth:
- £221.20 a week for the full, new flat-rate state pension
- £169.50 a week for the full, old basic state pension