Pensioners in the UK will enjoy a £470 annual boost from the DWP starting this April, thanks to a 4.1% increase in state pension rates.
London: State pensioners across the UK are in for a nice surprise. They’ll get a £470 boost from the Department for Work and Pensions this year. How great is that?
Chancellor Rachel Reeves announced this in last year’s autumn Budget. The pension will go up by 4.1% in 2025. Labour is sticking to the Triple Lock to keep pensioners secure.
This increase applies to both the basic and new State Pension starting in April. Over 12 million pensioners will feel this uplift in their pockets.
So, what does this mean? It means they’ll be £470 better off each year. That’s £275 more than if the pension was just adjusted for lower inflation rates.
But remember, how much you get depends on your National Insurance record. If you don’t have the full amount, you might need more qualifying years to boost your pension.
For the full basic State Pension, men born between 1945 and 1951 need 30 qualifying years. Women born between 1950 and 1953 also need 30 years, while those born before 1950 need 39 years.
If you’re on the new State Pension and your record started after April 2016, you’ll need 35 qualifying years for the full rate.
The DWP has shared the new amounts for the basic and new State Pension. If you qualify for the full amount, you could see an extra £9.05 each week.
For the basic pension, it’s rising from £169.50 to £176.45 weekly. The lower basic pension will go from £101.55 to £105.70 weekly.
Also, the Pension Credit Standard Minimum Guarantee will increase by 4.1%. It’ll rise from about £11,400 to £11,850 for single pensioners.
For more details on these changes, check out the government website. It’s all about making sure our pensioners are taken care of.
