Exact date state pensioners will get extra £470 payment

The state pension rate will be going up in the new year, meaning a boost to the finances of millions of pensioners. The amount will increase by 4.1% and will bring in up to £470 extra a year.

The new rate will kick in from April 6, 2025, the start of the new financial year. The exact increase depends on what type of pension people are on.

Those who retired after April 2016 are on the higher new state pension, currently worth £221.20 a week. This is going up to £230.25 a week from April.

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All other pensioners are on the old basic state pension which is currently £169.50 and going up to £176.45. The new rates have been determined by the pensions triple lock guarantee.

This ensures the amount pensioners receive increases every year and matches whatever is highest out of inflation, wage growth or 2.5%. Labour confirmed when coming to power it would honour the triple lock, meaning the wage growth figure of 4.1% would be applied for 2025.

The party has faced a huge backlash over its treatment of pensioners, however, following the decision to strip back Winter Fuel Payments. Only the poorest will now get the winter support. And while millions are comfortable enough to go without the payments, Age UK estimates around two million on low incomes will be left struggling without them.

They will have to make it through winter and wait until April until the increase to the state pension kicks in.