State Pension update
Every year the State Pension is reviewed to take account of inflation, and new figures are announced.
From April 2023, payments are:
- £203.85 a week (up from £185.15) for the full, new flat-rate State Pension (for those who reached State Pension age after April 2016).
- £156.20 a week (up from £141.85) for the full, old Basic State Pension (for those who reached State Pension age before April 2016).
The Government has reiterated its commitment to the ‘triple lock’ for State Pension increases, which means that the State Pension is increased each April by the highest of the following three figures:
- Inflation (as measured by the Consumer Prices Index in the September of the previous year).
- The average increase in wages across the UK.
- 2.5%.
In September 2023, the earnings link provided the highest figure, so it is expected that anyone receiving a State Pension can look forward to an increase of 8.5% in April – this will be confirmed next month, in the Chancellor’s Autumn Statement. This is the first time for a number of years that the State Pension increase will be greater than inflation.