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£169.50)
- The full basic State Pension will rise by £13.30 per week (from £156.20 to £169.50).
commonslibrary.parliament.uk/the-triple-lock-how-will-state-pensions-be-uprated-in-future/The triple lock: How will State Pensions be uprated in future?
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Mar 5, 2024 · The UK state pension could pay out more than £13,000 a year by 2030 if the current triple lock rules remain in place, analysis by AJ Bell has found. Pensioners with a full National Insurance...
- If you’re getting less than £203.85 a week
- If you’re getting more than £203.85 a week
- Annual increases
- Further information
If your National Insurance record started before April 2016
You may have been contracted out. While you were contracted out, you or your employer paid more into your workplace or private pension and less into your State Pension. If you were contracted out, you will usually need more than 35 qualifying years to get the full rate of new State Pension.
If your National Insurance record started after April 2016
If your National Insurance record started after April 2016 you will need 35 qualifying years to get the full rate of new State Pension.
If you paid into the Additional State Pension before 2016 and would have got more State Pension under the old rules, you’ll get a ‘protected payment’. This is paid on top of the full rate of new State Pension.
The new State Pension increases each year by whichever is the highest:
•earnings – the average percentage growth in wages (in Great Britain)
•prices – the percentage growth in prices in the UK measured by the Consumer Prices Index (CPI)
•2.5%
You can read ‘Your new State Pension explained’ for more detailed information about the new State Pension scheme.
Sep 12, 2024 · In 2024-25, the new state pension is £221.20 a week and the basic state pension is £169.50 a week. Read our expert guide to find out if you'll get more or less state pension than this.
Dec 13, 2023 · Based on the past 30 years of inflation and earnings data – and uprating decisions – a reasonable range (occurring 80% of the time) for the state pension in 2050 would be 30% to 37% of median full-time earnings, a range of £10,900 to £13,400 (in terms of today’s earnings).
Part of Plan your retirement income: step by step. Check your State Pension forecast. Use this service to find out: how much State Pension you could get. when you can get it. how to...
Apr 25, 2023 · The state pension cost an estimated £112.5bn in 2022/23 and is expected to rise to £139.5bn in 2027/28 in real terms, according to the Department of Work and Pensions.
Sep 10, 2024 · Currently, the basic state pension is set at £169.50 a week in 2024-25 (£8,814 a year). A 4% increase would raise this to £176.30 a week or £9,167.60 per year – a boost of over £353. Find out more: how do I qualify for the state pension? Will pensioners pay tax on the state pension next year?
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