State pensioners across the United Kingdom will receive an extra £575 annually from next month, the Department for Work and Pensions (DWP) has confirmed.
Pensions Minister Torsten Bell made the announcement during Work and Pensions questions in the House of Commons on Monday (March 9).
From next month, the new state pension will climb to £241.30 per week, an increase from the current £230.25 rate, thanks to the triple lock.
Those receiving the basic State Pension under the older system, which is reserved for those born before April 6, 2016, will see their weekly payments rise from £176.45 to £184.90.
Pensioners are in line for a payment boost
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Under the triple lock, state pension payment rates are guaranteed to increase annually by either the rate of inflation, average wage growth, or 2.5 per cent; whichever is highest.
Mr Bell told MPs: "Payments of both the basic and new state pensions will increase by 4.8 per cent in a few weeks' time, boosting pensioners' incomes by up to £575 a year.
"The yearly amount of the full new state pension is projected to rise by about £2,100 a year over the current Parliament."
He emphasised that this trajectory stems directly from the pledge to keep the triple lock in place throughout this Parliament, as outlined in Labour's manifesto.
Are you affected by state pension age changes? | GETTYLATEST DEVELOPMENTS
How much has the state pension risen by thanks to the triple lock? | GB NEWS / FIDELITY INTERNATIONAL He pointed to the Government's response, describing it as "the biggest-ever take-up campaign for Pension Credit" alongside measures targeting essential costs, particularly energy bills due to take effect shortly.
Pension Credit is a top-up benefit for low-income retirees, which is administered by the DWP and considered a "gateway" for extra support such as Winter Fuel Payments.
The Parliamentary Secretary also highlighted demographic pressures, noting Britain's pensioner population stands at 12 million currently but is projected to reach 18 million within five decades.
Conservative MP Mark Garnier launched a sharp attack on the Labour Government's approach to pension policy during the session.
Graph projects the number of retirees facing a stealth tax on their state pensions will rise in the coming years | Chat GPT He accused the Government of discouraging private pension savings through a series of measures including applying inheritance tax (IHT) to pensions, excluding pensions from lifetime ISA reforms, imposing mandation requirements on trustees, and capping salary sacrifice savings incentives.
Mr Garnier argued: "Through their actions, this Government are pushing people to be more reliant on the state pension, rather than encouraging people to take control of their own financial future." He demanded to know which policy would be reversed next.
Concerns have also been raised that the state pension is dangerously close to exceeding the personal allowance from next year, which means Britons will be forced to pay tax on their payments alone from next year.