From Morningstar: 2024-09-04 05:18:00

The new full state pension in the UK could increase by over £400 per year, according to the Treasury’s calculations. Pre-2016 retirees eligible for the secondary state pension might see a £300 yearly boost. The state pension system was introduced in 2016 to provide a sustainable foundation for private savings. Chancellor Rachel Reeves has affirmed support for the triple lock until the end of the parliament, despite backlash over the elimination of the winter fuel allowance for most households. Analysis shows only half of new state pension recipients received the full amount in 2023, with around 150,000 on less than £100 a week. Royal London data from spring 2023 revealed that nearly half of state pension recipients received the full weekly amount. The full state pension for 2024/25 stands at £221.20 per week, up from £203.85 the previous year. Treasury has not yet responded to queries.



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