MSE News
State pensions to rise by 3.9%
State pensions are set to rise by 3.9% from next April – the biggest increase since 2012.
This means that those receiving the old state pension (ie, those who reached state pension age by April 6 2016) will see their basic payment increase by £5.05 a week to £134.25. Those receiving the new state pension (those who reached state pension age after this) will see an increase of £6.60 a week to £175.20.
State pensions are protected by the 'triple lock', meaning the amount paid is increased every year in line with inflation, average earnings or 2.5% – whichever is highest.
While the Consumer Prices Index (CPI) inflation measure for September was 1.7%, average earnings increased by 3.9% in the three months leading up to July, so this figure will be used.
The increase will come into force from April 2020, assuming it is approved by Parliament as is expected.
For more info on state pensions, see our Old State Pension guide for men born on or before 5 April 1951 and women born on or before 5 April 1953, or our New State Pension guide for those born after this.
MSE weekly email
FREE weekly MoneySaving email
For all the latest deals, guides and loopholes simply sign up today – it's spam-free!
Join the MSE Forum discussion
Related Articles
-
NHS prescription costs in England to rise by 30p to £9.65 an item from April
10 March 2023![]()
The cost of prescription 'season tickets', which let you prepay for multiple prescriptions over a set period, is also rising. -
All London primary age children to get free school meals for a year from September – here's what we know
20 February 2023![]()
Every primary age child in London will get free school meals in the 2023/24 academic year, Mayor of London Sadiq Khan has announced – though the full details of how the new scheme will work in practice are yet to be confirmed. -
Pregnant or have a child under four? Check if you can get £17+ a month to help with food costs as over 200,000 are missing out
2 February 2023![]()
If you're pregnant or have a child under the age of four, and you're on a low income, you may be eligible for a Healthy Start prepaid card offering at least £4.25 a week to spend on healthy food, milk and vitamins. -
Martin Lewis: Ouch – how much should parents give or save for their children's university costs?
1 February 2023![]()
If you're a parent thinking about how you might be able to help your child with their university costs, MoneySavingExpert.com's founder Martin Lewis has an important warning for you, which he shared in the latest episode of ITV's The Martin Lewis Money Show Live.
15 March 2023
-
Martin: Perfect couples' banking
Including £400 switch bonuses
-
Car insurance costs set to rocket
Check NOW if you can save £100s
-
10 ways to cut the cost of drugs
Prescription costs (Eng) to rise
-
An energy tariff worth switching to?
Some can save large
-
Prepay for gas/elec?
You'll pay less from July
-
Supermarket coupons
Free 79p Evian, £4 off Sainsbury's
-
Got an old mobile?
You may soon lose internet access
-
Read the full email
For all the latest deals, guides and loopholes simply sign up today – it's spam-free!
-
Martin Lewis: Two week ISA 'use it or lose it' warning
21 March 2023![]()
Interest rates are up, so ISAs are back for many - yet you need to sort them by 5 April (or likely sooner). -
Budget 2023: Tax-free pension limits raised - here's what it means for your savings
21 March 2023![]()
The annual amount you can save into a pension once you've taken money out of it will rise from £4,000 to £10,000 this April. -
Stamp prices to rise by up to 16% – but there's a way to beat the hike
21 March 2023![]()
From Monday 3 April, the cost of first-class stamps will be hiked to £1.10, while second-class stamps will increase to 75p. -
Martin Lewis: Do you have a Power of Attorney? Here's why it’s so important and how to get one
20 March 2023![]()
Do you have a power of attorney? It’s a crucial financial protection, probably more important than a will. MoneySavingExpert.com founder Martin Lewis explains why power of attorney is so important, how to get one and more in the latest episode of ITV's The Martin Lewis Money Show Live. -
Budget 2023: Childcare support to be boosted for children from nine months and for parents on universal credit – here's what you need to know
20 March 2023![]()
The announcements form a package of new measures designed to help parents, revealed by the Chancellor in today's Budget.
-
Martin Lewis: Is it time to ban unnecessary Christmas presents?
5 December 2022![]()
Update September 2017: It’s eight years since I first braved this subject, expecting a snowstorm of protest. Instead, year after year more join in, like Julia who recently tweeted me, “@MartinSLewis, finally took your advice and told my family I can’t afford Christmas presents. What a weight off my mind. Thank you.” One year even the Archbishop of... -
Martin Lewis: The one thing everyone aged over 66 needs to know
29 November 2022![]()
It is a national tragedy that getting on for a million pensioners, many of whom have been paying into the system for years, are missing out on a critical boost to their income. It's called pension credit, and this year it also means you get an extra £650 to help with energy bills.
.png.rendition.320.320.png)
Clever ways to calculate your finances
