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In April 2025, the State Pension is set to rise by £470 a year in line with the pension triple lock and as confirmed by the Chancellor in the Autumn Budget of 2024. The earnings link means the state pension will increase by 4.1%, making it worth:
The State Pension increases every April by whichever of the three measures in the triple lock is highest. For April 2025, the State Pension will rise in line with wage growth, which have increased to offset the cost of living.
Last year’s (April 2024) State Pension growth was 8.5% one of the largest ever increases in the State Pension. This year’s 4.1% rise reflects slowing wage growth across the country after the jumps seen in post-pandemic times as the economy began to recover.
Introduced by the Conservative-Lib Dem coalition government in 2010, the State Pension triple lock increases the value of the state pension by whichever of the following measures is highest:
The State Pension triple lock was introduced to ensure that the State Pension increased in line with the cost of living and wasn’t overtaken by the average wage of workers in the country. The current Chancellor, Rachel Reeves has said the government will keep the triple lock until the end of the current Parliament.
The basic State Pension is given to those who have enough National Insurance qualifying years, and either a:
Everyone eligible for the basic State Pension has now reached State Pension age. If you were born after the dates above, you’ll instead receive the new State Pension. The basic State Pension began phasing out from 6th April 2016 to a less complex system.
Those reaching State Pension age after 6th April 2016, will receive the new State Pension. This is a simplified system that is based on the number of National Insurance qualifying years you have.
You need at least 10 qualifying years on your National Insurance record to get any new State Pension, and to get the full amount you normally need at least 35 years of National Insurance contributions.
A qualifying year is one in which you were:
You might also qualify if you’ve lived or worked abroad or paid reduced rate National Insurance for married women.
If you’re about to retire or are retired and want to understand how your financial situation will change, our retirement advice service offers you regulated financial advice to help you make your pension work smarter for you. Get in touch today.