The new State Pension is set to rise by £460 from April next year (2025), as new average wage increase figures are announced today.
That puts the total new State Pension amount at £11,962.60 per year, if you get the full amount (35 years worth of National Insurance contributions, and 10 years to get some). That’s £230.05 per week.
The old State Pension is set to rise by £353.60, putting the yearly total to £9,167.60 (you get this if you reached State Pension age before April 2016). That’s £176.30 per week.
The rise is down to wages increasing this year, an average of 4% over the last year.
The State Pension rises each year thanks to the ‘triple lock’, which means it rises based on the highest of these 3 things:
There may be changes if the average wage figure is revised, and the official State Pension increase amount is set to be announced in October by the Work and Pensions Secretary (Liz Kendall).
If you’re struggling to get by in retirement, make sure you’re claiming Pension Credit, which can boost your pension income, and provide a range of extra benefits (such as NHS discounts), and the winter fuel allowance.
Nuts About Money tip: are you on track for a comfortable retirement? Use our pension calculator to see how much you’ll need in retirement (it’s quick and easy to use).
