The State Pension will rise by 2.5% in April, the Government confirmed today.
Thérèse Coffey, the Secretary of State for Work and Pensions, confirmed the increase in a House of Commons statement.
The new rates will apply in the tax year 2021/22 and will come into effect for England and Wales from 12 April.
Although there has been no growth in earnings the triple lock means the increase will be 2.5% because the increase is set at the higher of three elements: inflation, average earnings growth or 2.5%.
The new State Pension will rise from £175.20 to £179.60 per week. The Standard Minimum Guarantee in Pension Credit will also increase by the same cash amount as the basic State Pension, rising by 1.9%.
All other benefits will be increased in line with CPI – which was 0.5% in the relevant reference period, Ms Coffey said. This includes working-age