State Pension will have provided a lifesaving income for millions of people over the last year or so. The pandemic has left the economy highly vulnerable, with jobs hard to come by and security for others dwindling. Pensions should rise each year, but Covid has left many well-intentioned plans in the dust.
How much is state pension rising this year?
Rishi Sunak touched on state pension during his March budget when he set out the UK’s post-Covid fiscal policy.
The benefit is subject to the triple-lock, which guarantees pension growth each year.
The chancellor said he would leave the 2010 guarantee unscathed, preventing real-term cuts for another year.
READ MORE: State pension age ‘rethink’ needed as life expectancy gap widens
Those who reached retirement age before April 2016 will rely on basic state pension payments.
With the increase, they still come in lower than their newer counterpart at £137.60 per week in the coming year.
The additional £3.35 increase amounts to a further £174.20 in pensioners’ pockets.
The annual amount will, therefore, increase to a total of £7,155.20.