State pension to rise next year but hundreds of thousands will miss out | Personal Finance | Finance

Spread the love

Chancellor Jeremy Hunt announced in the Autumn Statement he would reinstate the triple lock policy, meaning the state pension will increase by 10.1 percent next April, the September figure for inflation.

The triple lock ensures the state pension increases each year, in line with the highest of 2.5 percent, the rise in average earnings or inflation.

People typically need 30 years of National Insurance contributions to get the full basic state pension, which is £141.85 a week.

The basic state pension may be claimed by men born before April 6, 1951 and women born before April 6, 1953.

Leave a Comment