State Pension Amounts Increase… But So Does the State Pension Age

Last week marked a 4.8% rise in both the basic and new State Pensions. This could mean an additional £575 annually for many pensioners.

The Pension Credit has also increased by 4.8% and is worth an average of £4,300 a year.

The full rate of the new State Pension increases from £230.25 to £241.30 a week. The full basic State Pension increases from £176.45 to £184.90 a week.

The Standard Minimum Guarantee in Pension Credit is now £238.00 per week for a single pensioner, and £363.25 for a couple.

The increases, which are part of the government’s Triple Lock Guarantee, apply automatically. If you receive the State Pension, you should notice the increase in your next payment.

State Pension age starts rising to 67

The current State Pension age is 66 but beginning April 2026, it will start to rise.

The rise will happen gradually. First, those born between 6 April and 5 May 1960 will have to wait an extra month before they start to receive any State Pension. Those born between 6 May and 5 June 1960 will have to wait an extra two months.

By next April the State Pension age will have risen to 67.

The change aims to reflect longer life expectancy and may signal future pension age rises, with many now expecting to have to work into their 70s.

See: https://www.gov.uk/government/news/over-12-million-pensioners-to-receive-575-state-pension-boost