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.
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