“State Pension Set for Massive Increase Within 48 Hours – Here’s How Much You Could Get!”
Millions of pensioners across Britain are about to get a pay rise this week, but experts warn the system’s complicated rules mean some retirees might not see the full boost they’re expecting. Starting this Sunday, state pensions will increase by 4.1% thanks to the government’s triple lock guarantee.
For those who retired after April 2016, this means their weekly payments jump from £221.20 to £230.25 – an extra £470 over the year. But here’s where it gets tricky. Only about a quarter of pensioners qualify for this “new” state pension rate.
Most retirees are on the older “basic” state pension, which will rise to £176.45 per week. While that’s a £6.95 weekly increase, any additional pension top-ups they receive will only go up by 1.7% – this year’s much lower inflation figure.
Rachel Vahey from AJ Bell explains: “Many older pensioners expecting their entire pension to rise by 4.1% could be disappointed. The core amount increases, but other parts of their pension barely keep up with prices.”
Meanwhile, benefits like PIP and Carer’s Allowance will increase by just 1.7%, and around 800,000 pensioners who qualify for Pension Credit still aren’t claiming this valuable top-up.
The triple lock system has delivered pensioners a better deal than most this year, but the complicated rules mean different retirees will see very different results in their bank accounts. With living costs still high, experts are urging all pensioners to check exactly what increase they should be getting and whether they’re missing out on any extra support.
