In this guide
The UK state pension goes up every year in line with wider economic trends. This guide outlines the state pension changes in 2023 and what’s expected in 2024.
The state pension goes up annually in April in line with the highest of either wage growth, inflation or 2.5%, as measured in the September. Known as the triple lock commitment, it saw pensioners receive a 10.1% uplift in their state pension this year.
Inflation in the UK might be falling, but wages are rising meaning that the state pension could get another big boost next year.
Below we explain:
- How much has the state pension increased by in 2023?
- When does the state pension rise each year?
- How has the state pension increased since 2011?
- Why was the triple lock suspended?
- Should I defer my state pension?
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How much has the state pension increased by?
The state pension increased by more than 10% on 10 April.
Every year the rise in the state pension is determined by something called the triple lock. This is a guarantee that payments will increase in line with whichever is the higher of the following three:
- The consumer price index measure of inflation (taken in the year to September)
- Average earnings between May and July of the previous year
- 2.5%
On 17 November the Treasury confirmed that the triple lock will remain in place for the 2023/24 tax year.
September 2022’s figures show that inflation rose by 10.1%, which is much higher than 2.5% and wage growth of 5.2%.
This means that state pension income will increase by 10.1%, so:
- Pensioners in receipt of the full new state pension get an extra £19 a week
- Anyone who reached state pension age before April 2016 (and receiving the full basic state pension) get an extra £14 a week
Find out how the triple lock works.
How much state pension income will I get in 2024/25?
In April 2024 the state pension is set to rise in line with earnings.
Office for National Statistics (ONS) figures show annual earnings are now rising faster than inflation – hitting 8.5% overall.
However, the Financial Times has reported that the figure used calculating pensions rises could shift from overall earnings to the lower “earnings excluding bonuses”, which stands at 7.8% instead. This is because the overall figure includes one-off payments made to civil servants and NHS staff this summer to help settle pay disputes.
If the 8.5% figure for earnings is used:
- The full basic state pension will increase by £13.30 a week to £169.50
- The full new state pension will increase by £17.35 a week to £221.20
If the 7.8% figure for earnings is used:
- The full basic state pension will rise by £12.20 a week to £168.40
- The full new state pension will rise by £15.90 a week to £219.75
How much state pension income will I get in 2023/24?
The future of the triple lock was hanging in the balance for months, but the Treasury confirmed that the state pension will rise in line with inflation in April 2023.
This means:
- The full new state pension is now just over £10,600 a year, or £203.85 a week
- Anyone who reached state pension age before April 2016 gets £8,122 a year, or £156.20 a week
Remember that the figures above are for the full state pension.
If you don’t have a complete national insurance record or were contracted out then you won’t be entitled to the full amount. We explain how many years you need on your record to get the full state pension amount.
Pensioners see a boost in their income on the first Monday of the tax year.
If you reached state pension age before April 2016 and receive the basic state pension then you might be entitled to an additional state pension on top.
Read more: Is the UK state pension age going up?
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What date did the state pension increase?
This year the increase in the state pension should have been reflected in people’s income from 10 April.
The increase takes place on the first Monday after the start of the new financial year.
So while the 2023/24 tax year started on Thursday 6 April 2023, the increase in the state pension will have come through in people’s income from Monday 10 April.
Your first payment after this date will see an increase – but it’s based on how much of the previous 4 weeks was before April 6 and how much of it was after that date.
The full rise will be reflected in the first payment where the entire 4-week period was after April 6.
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State pension triple lock: rises since 2011
In the table below we outline how the state pension has increased since 2011 and which triple lock measure was used to dictate its increase.
| Financial year | State pension rise | Based on |
| 2011/12 | 4.6% | RPI |
| 2012/13 | 5.2% | CPI |
| 2013/14 | 2.5% | 2.5% |
| 2014/15 | 2.7% | CPI |
| 2015/16 | 2.5% | 2.5% |
| 2016/17 | 2.9% | Earnings |
| 2017/18 | 2.5% | 2.5% |
| 2018/19 | 3% | CPI |
| 2019/20 | 2.6% | Earnings |
| 2020/21 | 3.9% | Earnings |
| 2021/22 | 2.5% | 2.5% |
| 2022/23 | 3.1% | CPI |
| 2023/24 | 10.1% | CPI |
How to boost your pension pot
While a rise to the state pension would be a nice boost, economists point out that the UK has one of the least generous state pensions in the developed world.
Research from the House of Commons shows that income from work and personal pensions is more important as a source of retirement funding in the UK. You can read the research in the Commons Library.
This is in contrast to many other countries where state provision is the dominant source of income.
How the UK compares: state pension and benefits as % of gross domestic product in selected countries
| Country | % of GDP |
| Italy | 15.6% |
| Greece | 15.5% |
| France | 13.6% |
| Spain | 10.9% |
| Japan | 9.4% |
| Denmark | 8% |
| Turkey | 7.4% |
| US | 7% |
| UK | 5.6% |
| New Zealand | 5% |
| Israel | 4.7% |
| Mexico | 3% |
For those concerned about relying too much on the state pension, there are other ways you can boost your pension pot.
These include building up private savings through a workplace pension scheme or your own private pension.
You can also track down lost pensions, check where your money is invested and make sure you are not being overcharged in fees.
Read more: How to give your pension pot a boost.
Should I defer my state pension?
The current UK retirement age is 66. If you plan to keep working past that then, it may make sense to delay receiving your state pension.
However, there are pros and cons to delaying when you start receiving your state pension.
We outline them in full in our deferring my state pension guide.
How much did the state pension increase by in 2022?
The pension triple lock guarantee was suspended in the last tax year and became a double lock instead.
Between inflation, 2.5% and wage growth, the highest figure came from average wages.
However, due to the number of people coming off furlough and returning to work, the government argued that the wage growth figure of 8% was artificially high.
Under the furlough scheme, people were receiving just a proportion of their salary but as this was phased out, their pay increased back to normal. This distorted the overall earnings figure.
So the rise instead was to be chosen between the CPI rate of inflation in the year to September 2021, which was 3.1% or the fixed 2.5%.
This meant that the state pension increased by 3.1% in April 2022.
This included both the new state pension and the basic one (for those who started claiming before 6 April 2016).
You can check your state pension forecast on the government website.
Older people who receive the basic state pension might be entitled to an additional state pension too, but not everyone gets this. The amount given is dependent on factors including national insurance contributions and whether you were contracted out of the additional state pension.
You must have at least 30 qualifying years on your NI record to get the full basic state pension.
To understand how much you will get you can contact the Department for Work and Pensions.
Why was the pension triple lock suspended?
During the pandemic, millions of workers were on a reduced wage through furlough as businesses scaled back or shut down.
As the economy started to open up, it caused an unusual spike in wage growth, with workers returning to full pay.
Official figures show average UK earnings grew by about 8% between May and July 2021, the period used to determine the state pension rise.
If the government had committed to the rules of the triple lock, that rise of about 8% would have been applied to the state pension from April 2022.
But there were mounting concerns about such significant increases at a time when the government’s finances had been put under huge strain by the pandemic. The decision to suspend the triple lock aimed to reflect fairness for taxpayers.
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