State pensioners across the United Kingdom have received a 4.8 per cent increase to their payments following the latest triple lock adjustment which came into force on April 6.
The uplift was driven by average wage growth recorded between May and July of the previous year, which was the highest of the three measures used to calculate the annual increase.
Under the triple lock system, state pension payments rise each year in line with whichever is highest between consumer price index inflation recorded in September, average earnings growth, or a minimum of 2.5 per cent.
With earnings growth exceeding both inflation and the minimum threshold, pensioners are receiving the full 4.8 per cent increase at the start of the new tax year.
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Those receiving the basic state pension, which applies to men born before April 6, 1951, and women born before April 6, 1953, can now receive up to £184.90 per week.
This marks an increase from £176.45, delivering up to £8.45 extra per week for those eligible.
Over a full year, this equates to an additional £439.40, taking total annual payments to £9,614.80 for those receiving the maximum amount.
The exact amount paid depends on an individual’s National Insurance record.
Payments rise 4.8 per cent under triple lock as new rates confirmed
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Men born between 1945 and 1951 typically require 30 qualifying years, while those born earlier need 44 years.
Women born between 1950 and 1953 require 30 qualifying years, while those born before 1950 need 39 years.
Those receiving the new state pension have seen weekly payments increase to £241.30, up from £230.25.
This represents a weekly rise of £11.05, which equates to around £575 over the course of a year.
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Are you affected by state pension age changes? | GETTYAs with the basic payment, the full amount is only available to those with a complete National Insurance contributions record.
Pensioners with fewer qualifying years receive proportionally lower payments.
The Department for Work and Pensions (DWP) said the Labour's commitment to the triple lock will increase pensioner incomes by as much as £2,100 over the course of this Parliament.
It added that the latest increase will support millions of people facing ongoing cost of living pressures.
Labour minister Torsten Bell said he would protect people's retirements after a lifetime of work
| PAPension Credit has also risen by 4.8 per cent, with the standard minimum guarantee now set at £238 per week for single pensioners and £363.25 for couples.
The benefit is worth an average of £4,300 per year and provides access to additional support including free television licences, Council Tax reductions and help with housing costs.
Pensions minister Torsten Bell said: "After a lifetime of work and contribution, people deserve a decent retirement. Raising the State Pensions faster than prices, ensuring it is a pension they can rely on, is how we make that a reality for millions."
Labour said the triple lock mechanism remains central to ensuring pension payments keep pace with rising living costs.