The UK state pension is increasing to everyone who gets it in retirement.
But how much is the state pension increasing by?
When will it increase?
Well here you can find out these questions as well as…..
How much state pension will I get?
For both the new state pension and the old basic state pension
How do I ensure I get the full state pension?
what is the triple lock?
What are qualifying years?
How many qualifying years do I need?
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The UK State Pension is set to receive a significant increase in 2023, which is sure to bring relief to pensioners across the country. The decision to increase the state pension has been taken under the ‘triple lock’ system, which means that the pension amount will be adjusted by the highest of three potential measures: inflation, wage growth or 2.5%.
So, how much pension will the triple lock system give you? Well, this will depend on a number of factors, including your overall income, your length of service, and when you started to make contributions to the State Pension scheme.
Under the new system, the basic state pension will increase by 2.5%, which equates to approximately £4.95 per week. However, this figure may be adjusted upwards if the rate of inflation or wage growth exceeds 2.5% during the relevant period.
It is important to note that not all pensioners will benefit equally from the proposed increase. Those with private pensions or other sources of income may find that the impact is relatively minor, whereas those relying solely on the state pension may experience a significant boost to their finances.
Overall, the increase to the State Pension is good news for pensioners. It should help to alleviate some of the financial stress that many older people experience, and ensure that they can enjoy a comfortable retirement. For those who have struggled to make ends meet in recent years, the prospect of receiving a higher pension can be a welcome relief. In summary, the triple lock system will provide a significant boost in the amount of state pension awarded in 2023, which will help to support older people throughout the UK.
The government can still retire at 55……….. that`s 11 years younger than I can retire, and they wonder why we are pissed of. The government say that people are living longer, so why doesn`t the government retire at the same age as the rest of us. Every government has always been out for themselves and it is showing and it is just not this gov (can`t be arsed to say government again) it`s all govs. Rant over
keep working or you wont be able to pay the rent and eat not everybody has a mortgage that is fully paid up i live in a caravan and i still struggle even with a job
Does being contracted out of serps have a bearing on the amount of state pension you receive? i am 52 and have worked since 1989, but i know at some point i have been contracted out of serps.
Thank you Liam – your vlog has been very helpful indeed!
Hello James,My husband died 3years ago he was receiving state pension but they stopped the money after death. I'm 49 coming for 50 September,do you think if i claim I can be able to inherit my husband state pension.?
As an ex Pat, I have not received an additional penny pension increase since I relocated to Thailand for Health reasons. So no pension increases for the past six years. We have contributed to our pensions so should be entitled to our full pensions. Gordon Brown's Labour Party instigaterd this policy. So why wont the Conservative Party reverse it ? Could be a vote winner for the next General Election. C. L. Davey.
UK pensions are a joke. In France the pension age is 60 – about to change to 62. The pension is calculated on 75 to 80% of the average of your 5 years salary preceeding retirement. So if you retired earning an average of £45k p.a. Your pension would be approx £36,000 per annum (£3000 per month). Not bad at all – I could live on that but I am forced to live on a pittance of under £10k pa.
Is it really good news…… Answer No……look closely at April council tax you find what the Government has given with one hand it takes back with the other …must think the public are idiots
the state pension should be tax free
Not as an MP employed by you through tax.
What about dropping our pension age back down to 60 years for women 65 for men. We're the one's who's killing ourselves for all the free loaders coming into the country…
What's with all the conditions in receiving a pension increase in the UK? Here in Australia there's no minimum amount of time one has been employed or paying into an insurance scheme. Actually the amount of pension is very low. Is there any form of rent assistance? If not people must struggle. In Australia the pension is $1064 a fortnight plus an extra $157 in rent assistance for a single person $105 if sharing
Thanks
They should have risen the personal tax level as well. I will now have to pay tax so will not benefit
Here is an idea try saving yourself , the paltry NI contributions don’t just cover your state pension .
The self employed have to do this , if you want a better pension rely on yourself not others .
Most European countries are paying senior citizens €2000 a month.
I have 47 qualifying years but still don’t get full pension. Was opted out somewhere along the way and would need to pay £900 to catch up. Haven’t got this so continue to be short every month. Bonkers!
less than the cost of a cup of coffee . so you can have a coffee but no food or heating and this is what you will get at the end of life
The country is a business and nothing more its for the rich.
Its sad we the 6th riches country in the world we got poor pension and we got homeless and we got poor housing the country is a business nothing else I had to wait til I am 66 that this year for my pension and its going to be two months inrees and noblack up with money.
How much is the state pension in Ireland?
The State pension equates to €13,171.60 per annum, paid on a weekly basis of €253.30. It is intended as a basic income to prevent individuals falling into a poverty trap. In addition to the basic income there are additional benefits available for people who are carers, have an additional adult that they support or other dependents living with them. Further details on this are outlined below. The State also pays a widow’s pension and offers free travel and once you reach the age of 70, a package that includes assistance with gas, electricity and TV license costs.
The thing is how did the government come to a figure of 10.1%
I looked at office of national statistics and there figure was 13%.
I retire this year. I’m glad the pension has increased. I’ve qualified for the full state pension. I’ve been in good health and worked extremely hard all my life. I was a foster carer with Leeds City council, classed as self employed for tax purposes they got away with not having to sort a pension fund out for us. Whereas any other employee who works for them gets a good pension fund. I am getting tired and achy now, getting up at 6 am every day, even though I don’t do a physically active job, work 25 hours a week, it’s telling on me now. How on earth do they expect people to carry on working for more years in the future before they reach pension age. I pass younger people on the streets everyday who don’t go to work. More must be done to get them in to work . For Gods sake let the older generation who’ve worked all their lives have a rest!
Hear we go yet again the tories giving the impression that they are doing the pensioners a big favour by paying the triple lock pension and what is just round the corner shock horror an increase in council tax at an eye wateringly high rate besides your energy food and everything else going up in price on a daily basis these sharks have constantly got their hand in your back pocket there just isn't any end to being rip off in all directions there is no protection or justice for the taxpayer it's all take take take then you've got these bleeding hearts who think we should let every man and his dog into this soft touch country to bleed our benefits system dry free this free that no all but some of them will come hear to Rob you kill you rape your sister or mother commit murder deal drugs prostitution and more important keep a good eye on your children this last three or four years this country standards are fast going down the sewers so what bloody good are these tories their track record is a disgrace the sooner there gone the better totally incompetent
Any Idea IF The Government have any plans to UN-Freeze the Ex-Pats FROZEN Pensions ??
Thanks Liam, a good explanation in an easy to understand format, not the usual gobbledegook.
Why is there this ridiculous distinction between the old pension rates,called the Basic Pension for some reason, and the new rates taken post 2016? All contributors have been paying contributions for years,in my case over 40, yet because of the arbitrary change date when the pension began ,post 2016 or pre 2016 , the difference in the actual pension received is highly significant. It is just cheap.
Seriously annoying i did not know about making contributions to NI voluntary and have four years from 89 to 93 that did not have full years paid. Yet i cannot pay the extra to top up my state pension.
cant hear ! Very bad sound
Can you tell me how much increase i will get on my State Pension in April ? because the Goverment are not telling us a lot about it
The brittish goverment should be giving us a higher State Pension we worked for that and its not a benefit either they seem to think by giving us a wee rise that we should be greatful Give us our higher State Pension