State pension to be boosted by over £400 next year
Published On Sep 3, 2024, 7:03 PM
The UK's state pension is set to increase by over £400 next year, exceeding inflation, as part of the triple lock system. This means pensions will rise based on the highest of inflation, average earnings increase, or 2.5%. While the new pension will reach around £12,000 for those retiring after April 2016, existing pensioners under the old system will see their payments rise to about £9,000. The increase occurs amidst controversy over cuts to winter fuel payments for many pensioners, leading to questions about overall financial relief for older citizens.