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State pension and triple lock: How much is it and when can you get it?

News / Mon 8th Apr 2024 at 10:36am

Photo by Brian Thomas Photography

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

Click below for more details.

https://www.bbc.co.uk/news/business-53082530

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17 Comments for State pension and triple lock: How much is it and when can you get it?:

Ray
2024-04-08 10:52:11

Hurruy! I'm rich!

Adam
2024-04-08 10:57:02

Yay lets give the richest generation, the ones who have utterly destroyed the UK more money. Here come the 15% interest rate comments. But its true cheap houses, free uni, less barriers to entry into jobs, one wage could support a family, pensions to look forward to. All pulled up for the generations below so they can enjoy what they "worked hard for", spoiler you rode the best 50 years the world will ever likely see and did not even think to invest in infrastructure or cover the costs of what you expected to take out.

Adam
2024-04-08 11:00:50

Oh and now your all nimbies and do not want any housing built near you for your kids or grandkids. Honestly we should strip the right to vote or stand for election once you claim your pension

voteforme
2024-04-08 11:02:44

Adam, but we all vote conservative!!

voteforme
2024-04-08 11:17:23

Adam, serious time now! You make some interesting points. Take free uni, Labour introduced fees I believe. I have always felt that uni costs, indeed all training, should be a tax deductible for individuals. I also feel there should be retrospective charges to free uni people. "One wage could support a family", back then life was far simpler, cars, electric goods, foreign holidays were luxuries, now they are "necessities". Should mothers go to work or stay at home, I would like to see more attention giving to working mums, retired now but I would see lady colleagues rushing home at lunch time to put washing out, then cooking dinners etc. Lets give mums more flexibility in working hours. Of course, looking ahead working hours should diminish as more automation comes in so people will be better off. There will be transitional difficulties, some will benefit (you perhaps based on previous comments), others will suffer but isn't that always the case

Bill Smith
2024-04-08 11:47:39

Adam, what you also forget. Most pensioners paid tax on their earnings and now, due to the freeze in the personal allowance means they are paying tax on their pensions as well, which can hardly be seen as fair. Maybe the point that you are missing is that in the pension generation's time, the government had less to pay out on, the NHS had less services on offer, the population was also a lot lower. People got by with a lot less. If you wanted something you would save up for it rather than take out credit. People didn't waste as much as they do today, clothes lasted longer, people cooked from scratch. Theirs is a generation we could learn from, not criticise because they worked hard and fought for every penny they are now getting in their pension.

Nostradamus
2024-04-08 11:48:21

Adam the fact that housing is crap, the economy, and environment are down the toilet, schools are falling down isn't the fault of pensioners but the dogma and myths put out by politicians especially those who privatize by stealth (Thatcher's philosophy and to an extent Blair) tell the general public that austerity is good for you and those like Hunt who think that £100k a year is a reasonable salary most can achieve. The generational divide is a strategy that politicians have come up with to divert the blame for their failure to maintain what was a path to the betterment of the working and middle classes and persuade the proletariat that big business and the selling off of the "family silver " was a good idea. The neglect of all of our services and ridiculous strategies to cap access and not to train and educate our own population but to steal skilled people from abroad is why everything is under stress and why legal immigration is so phenomenally high. Stopping the boats is a sop to distract you from the reality.

Bill Smith
2024-04-08 13:19:28

There is a major flaw with all of our arguments If the government takes in tax from every working age person and pensioner (now). This limited resource has to effectively pay for everything in the country. Big business and higher earners pay their share. But here is where the whole argument collapses. With a larger public sector, the returns are reduced. For example, I pay a council worker £100. They pay 20% tax, so therefore they give £20 back to the government. From that £20 that is returned, you still have to pay the council worker £100. So in steps the private sector, they get taxed and the money is given to the council worker, the NHS, schools, defense, road repairs, running councils, prosecuting post-office workers and a million and one other things. And then it becomes a penalty for successful people. The more successful you are, the harder you work, the more tax you have to pay. And so the cycle continues. Maybe it is time to reduce what is given away, make the public sector more accountable and streamlined and certainly smaller and then perhaps the economy will stand a chance.

Adam
2024-04-08 14:15:21

Bill, I would go one further it is time to sack most public sector, reduces taxes to a minimum and tell people they are (as they always have been) responsible for themselves and their families. Lets be honest most of the public sector add nothing of value they are just people who create nothing but to whom permission must be asked.

Eddie
2024-04-08 15:12:35

Adam . Its not us oap,s fault when we were born. Sounds like a lot of jealous noises coming from you. I imagine you would not have turned it down

Eddie
2024-04-08 15:24:22

Also Adam we only got child allowance for one child , not like recently when they bang out as many kids as possible so they came more benefits and don't bother to work , or say they have back ache and cannot work and claim sick benefits, or say they are recovering drug addicts and can't work and claim benefits. Perhaps you should aim your moans at them. Also there was no sick pay back in the day. Sorry I think today's youth are not having any worse.

Boris
2024-04-08 16:18:58

Eddie, my wife says we got child allowance for all of our children in the 70s and 80s. I also remember that when I first worked you got sick pay from the govt but didn't pay tax on it so could be better off. Statutory sick pay started in 1983 so most retirees now would have had at least 30 years of it. Not so long ago I thought you made a comment that pensions are high enough, I may of course be mistaken. As for sick pay, as an employer I would never make sick pay automatic but leave it discretionary.

peter henegan
2024-04-08 16:30:09

Adam, how big should the state be? A small state with low taxes probably benefits well off people. Should we have an NHS. I would argue yes but that the model that worked in 1948 with average life expectancy below 70 doesn't work now it is over 80 especially with expensive high tech keeping many of us alive. Should we have an expensive military? Should we top up low earners pay with benefits, should people on benefits have to earn them where physically possible (no party wants to bite the bullet on this)? More questions than answers perhaps

Eddie
2024-04-08 16:52:45

Yes Boris I did say we done well getting around 19% over 2 years , but that will never happen again. my parents only got child benefits for 1 child and no sick pay in the 60s working at a book binding factory.

Eddie
2024-04-08 17:25:42

I must apologise Boris and Adam correction should be no child benefits for first child. And as I said 19%over 2 years against a small amount. But still good rise.

Colin
2024-04-08 17:50:10

I think Adam is jealous that he's not a OAP getting all the benefits. Wages are higher today than they have ever been but pensions exist on less than the national hourly rate. Unless a pensioner is on benefits all they get is free prescriptions and a bus pass

Adam
2024-04-08 21:44:57

Colin - I am happy with what I have achieved it has been a damn sight harder than to achieve the same thing than it was for my parent though. Peter - the state should be minimal basics defence and legal system that is it. The rest should be provided by the person, a big state leads to corruption which is evident now and big corporations capturing government

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