The Department for Work and Pensions (DWP) has confirmed an 8.5% increase to the State Pension from April 2024, delivering an annual rise of up to £562 for those receiving the full new State Pension.

The uplift was triggered by strong earnings growth under the Government’s triple lock guarantee. For pensioners on the full new State Pension, the weekly rate has increased from £203.85 to £221.20, taking the annual total to around £11,502.

The increase is automatic and has applied since the start of the 2024/25 tax year.

What Is the £562 State Pension Rise?

The £562 figure represents the annual increase for someone receiving the full new State Pension after the 8.5% uprating.

New State Pension

• 2023/24: £203.85 per week
• From April 2024: £221.20 per week
• Annual increase: approximately £562

Not everyone will receive the full £562. Payments depend on your National Insurance contribution record.

Why Did the State Pension Increase by 8.5%?

The rise is based on the Government’s triple lock policy, which guarantees the State Pension increases each April by the highest of:

• Average earnings growth
• Consumer Price Index (CPI) inflation
• 2.5%

For this financial year, average wage growth of 8.5% was the highest figure, so pensions rose by that amount.

The triple lock is designed to protect pension income from falling behind working-age earnings.

How Much Is the State Pension Now?

Full New State Pension

• £221.20 per week
• Around £11,502 per year

To receive the full amount, you usually need:

• 35 qualifying years of National Insurance contributions
• At least 10 qualifying years to receive any payment

If you have fewer than 35 years, your payment will be proportionally lower.

Basic (Old) State Pension

If you reached State Pension age before 6 April 2016, you are on the basic system.

• Weekly rate increased to around £169.50
• Annual total: roughly £8,800

Additional State Pension components (such as SERPS or State Second Pension) also increased by 8.5%.

Who Qualifies for the £562 Increase?

You qualify automatically if you:

• Have reached State Pension age
• Are receiving either the new or basic State Pension
• Have sufficient National Insurance contributions

No application is required.

If you deferred your pension, your eventual payments reflect the new base rate plus deferral increments.

When Did the Higher Payments Start?

The increased rate began from April 2024, at the start of the 2024/25 tax year.

State Pension is usually paid:

• Every four weeks
• Directly into your bank account
• On a day based on your National Insurance number

The higher amount should now already be reflected in your payments.

Does the Increase Affect Pension Credit?

Possibly.

An increase in State Pension income can affect means-tested benefits such as:

• Pension Credit
• Housing Benefit
• Council Tax Reduction

However, Pension Credit thresholds are usually reviewed at the same time as pension uprating.

Many pensioners will still qualify, particularly those on lower incomes.

It is advisable to review your entitlement after the increase.

What If Your Payment Looks Incorrect?

If you believe your amount is wrong:

• Check your State Pension forecast via GOV.UK
• Review your National Insurance record
• Contact the DWP if necessary

Gaps in National Insurance contributions may reduce entitlement, but voluntary contributions can sometimes increase future payments.

What Does This Mean in Practical Terms?

For a single pensioner on the full new State Pension:

• Around £562 extra per year
• Roughly £47 more per month
• Around £10–£11 more per week

For couples where both receive the full new State Pension:

• Combined annual uplift of over £1,100

While the increase does not eliminate cost-of-living pressures, it provides measurable additional income.

Wider Financial Context

The increase comes at a time when:

• Food prices remain elevated compared to pre-2022 levels
• Energy costs have fluctuated
• Council tax bills continue to rise

The triple lock remains politically debated due to its cost, but it continues to deliver above-inflation increases in years of strong earnings growth.

FAQs

Is the £562 increase a one-off payment?

No. It represents the annual increase to the full new State Pension.

Do I need to apply?

No. The increase is automatic.

Who gets the full £562?

Those receiving the full new State Pension with 35 qualifying years.

Does this affect Pension Credit?

It may slightly adjust means-tested benefits.

When did the increase begin?

From April 2024.

Is this part of the triple lock?

Yes. The 8.5% rise was driven by wage growth under the triple lock policy.