Chancellor Jeremy Hunt has announced plans to raise the state pension next year.
During his autumn statement today (November 22), Mr Hunt confirmed that the state pension triple lock will be honoured. From April 24, 2024, the full new state pension will receive a significant increase of 8.5 per cent.
For the average claimant, this can result in up to £900 more a year. Measures were also announced to allow savers to have "one pension pot for life" to simplify the process of saving money for retirement.
Read more: 10 key announcements from Jeremy Hunt's autumn statement including major tax cuts
Read more: How much monthly DWP Universal Credit payments will be in 2024/25
The Chancellor told MPs: “I will also consult on giving savers a legal right to require a new employer to pay pension contributions into their existing pension pot if they choose, meaning people can move to having one pension pot for life.
“These reforms could help unlock an extra £75 billion of financing for high-growth companies by 2030 and provide an extra £1,000 a year in retirement for an average earner saving from 18.”
Here's how much pensions will be in 2024/24 as well as how much of an increase you could see.
| Pension type | 2023/24 amount | 2024/25 amount | Total increase |
| Full Basic State Pension | £156.20 | £169.50 | £13.30 |
| Full New State Pension | £203.85 | £221.20 | £17.35 |
| Pension Credit Standard - Single | £201.05 | £218.15 | £17.10 |
Pension Credit Standard - Couple | £306.85 | £332.95 | £26.10 |
