State pensioners aged 66 to 73 are being handed a bumper £965 per month following an April rule change. The Department for Work and Pensions (DWP) has increased State Pension rates by 4.8%, in line with the government’s triple lock policy.
Triple Lock Policy Explained
This policy ensures that the State Pension rises annually by the highest of average earnings growth, inflation, or 2.5%. For anyone reaching State Pension age on or after 6 April 2016, the full new State Pension is now £241.30 per week, or £12,547.60 per year.
The £965 a month applies to men and women born before 1951 and 1953 respectively, meaning those aged 66 to 73 are on this bumper rate. For individuals who reached State Pension age before 6 April 2016, the basic State Pension has increased to £184.90 per week, or £9,614.80 per year.
State Pension Age Details
Your State Pension age is the earliest age you can start receiving State Pension. If you haven’t yet reached State Pension age, you are not currently eligible to receive it. The State Pension age is determined by your date of birth:
- Born between 6 October 1954 and 5 April 1960: State Pension age is 66.
- Born between 6 April 1960 and 5 April 1977: State Pension age is between 66 and 67.
- Born between 6 April 1977 and 5 April 1978: State Pension age is between 67 and 68.
- Born after 6 April 1978: State Pension age is 68.
The State Pension age is rising over time and is regularly reviewed to take into account factors like affordability and life expectancy. Any future changes will need to be approved by the UK parliament, and the government has committed to giving at least 10 years’ notice before making any adjustments.
Difference from Private Pensions
Remember, the State Pension is different from a private pension. Some private pension and workplace schemes allow you to start accessing your money from age 55. This will rise to age 57 from 6 April 2028. That means you could access your private pension before you receive your State Pension.
