UK state pension increases by 4.1% next month

A significant change to the state pension will occur on April 6, 2025. The full state pension will increase by 4.1% due to rising average earnings. This change brings good news for retirees who will see higher payments. From April, the basic state pension will rise from £169.50 to £176.45 per week. This amounts to an annual increase of £363. The new full state pension will increase from £221.20 to £230.25 per week, a rise of £472 annually. These adjustments relate to the government's commitment to the "triple lock." This policy ensures that pensions increase by the highest of three measures: growth in earnings, inflation, or 2.5%. The triple lock was first introduced in 2010 to protect pensioners from rising living costs. Chancellor Rachel Reeves confirmed that the Labour government will maintain this commitment until the end of the current Parliament. Currently, about 12.7 million people in the UK are pensioners, with nearly nine million over the age of 70. To qualify for the full new state pension, a person needs 35 qualifying years of National Insurance contributions. At least 10 years are necessary for any pension eligibility. Additionally, those who qualify for the basic state pension may also be eligible for extra support through the State Earnings-Related Pension Scheme (SERPS).