New state pension to rise by £460 a year from April - and it's all down to Triple Lock

State pension recipients are poised to gain £1,700 each in the coming years due to the Labour Party's Triple Lock pledge. According to experts at Spencer Churchill, the commitment will greatly benefit state pensioners.

Following Chancellor Rachel Reeves and Sir Keir Starmer's reaffirmation of the long-standing pledge, the experts explained: "State pensioners are set to receive an additional £1,700 in their accounts over the course of this Parliament, as part of the government's commitment to protect the triple lock system."

"This ensures that pensions rise by the highest of inflation, wage growth, or a minimum of 2.5 per cent. From April next year, the full New State Pension will increase by £460 annually, bringing it up from £11,502 to £11,962, driven by the recent wage growth surge," reports Birmingham Live.

"While this is good news for many pensioners, it is essential to note the significant changes to the Winter Fuel Payment. The number of pensioners eligible for this payment will drop drastically from 11.4 million to just 1.5 million, with only those on Pension Credit or certain means-tested benefits qualifying."

"This decision is expected to save the government around £1.4 billion this year, a necessary move given the £22 billion deficit in the nation's finances. However, this reduction in support will affect millions of older people, especially those who do not claim Pension Credit but may need it."

"The government has been clear in its intention to continue supporting pensioners, both through maintaining the triple lock and investing £6.6 billion in the Warm Homes Plan. This initiative will upgrade five million homes, improving energy efficiency through measures like low carbon heating and better insulation, which should help cut bills. Additionally, the extension of the Household Support Fund, with an extra £421 million for England, will provide further assistance to those struggling with rising costs this winter."

"It is crucial that pensioners check whether they are eligible for Pension Credit, as around 880,000 individuals who qualify are currently missing out. Pension Credit not only tops up weekly income, but those receiving it will also automatically qualify for the Winter Fuel Payment. The Department for Work and Pensions continues to campaign via TV, radio, and social media to ensure that more people are aware of this benefit."