THE state pension is rising by 8.5% on Monday, because of a measure known as the triple lock reports the BBC.
It means that pensioners receive an amount designed to keep up with rising prices or wage increases.
The state pension is a payment made every four weeks by the government, to people who have reached the qualifying age and have paid enough National Insurance contributions.
This year, the link to earnings under the triple lock means an increase of 8.5% from 8 April, making it worth:
- £221.20 a week for the full, new flat-rate state pension (for those who reached state pension age after April 2016)
- £169.50 a week for the full, old basic state pension (for those who reached state pension age before April 2016)
This is a rise from:
- £203.85 a week for the full, new flat-rate state pension
- £156.20 a week for the full, old basic state pension
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