When does state pension increase? How to check new 2023/2024 rates

People have been urged to check their National Insurance record ahead of the new State Pension (Colin Watts / Unsplash)
People have been urged to check their National Insurance record ahead of the new State Pension (Colin Watts / Unsplash)

The Secretary of State for Work and Pensions has declined to guarantee an increase in the state pension to reflect official total earnings numbers.

According to the government's triple lock commitment, the largest increase in prices, average salaries, or 2.5 per cent is supposed to be applied to pension increases for the next year.

This was probably 8.5 per cent, according to data that had previously been provided, which is the average salary rate for the summer.

Work and Pensions Secretary Mel Stride, however, remarked that he was unable to promise to use it in the computation.

He further stated that the government was still "committed" to keeping its promise to implement triple locks on all new buildings.

Nevertheless, Mr Stride said that he was "not going to get into the mechanics" of the formal procedure to determine the rise, which will start later this autumn.

Rishi Sunak voiced his support for the triple lock on state pensions, but declined requests to promise that it would be included in the upcoming Conservative manifesto.

People of state pension age may have noticed a difference in their recent payments, due to the state pension rate changes.

The 2023/2024 state pension rates have increased in line with inflation. This means that pensioners will receive more money each week.

Find out how to check the new state pension rates to find out how much you should be receiving.

When does state pension increase?

New state pension rates came into force on April 6, 2023. It will change again in April 2024.

The new state pension was first announced in April 2016, with transitional agreements that ended on April 5, 2023.

How to check your State Pension forecast

MoneySavingExpert.com founder Martin Lewis has issued a warning to people aged between 45 and 70 to check their state pension summary and their National Insurance record for any gaps.

Clearing any shortfalls in National Insurance contributions could allow people to claim the full new State Pension, which is now worth more.

You can check your State Pension forecast on the government website.

The State Pension amount someone will receive depends on how many National Insurance contributions they have made or have earned in credit.

How to check your National Insurance record

Anyone can check their National Insurance record on the government website using their National Insurance number.

People need to make National Insurance contributions to access their State Pension.

Generally, 10 years is enough to get some kind of State Pension. But people need 35 qualifying years to receive the new full State Pension.

If there are gaps in the National Insurance record, some people will be eligible to make voluntary contributions to make up the shortfall.

New pension rates for 2023/24

The basic and new State Pensions will be uprated in line with CPI inflation in 2023/24. This follows the restoration of the pensions ‘triple lock’, which had been suspended in 2022/23.

The pension rates for 2023/24 will be:

  • For those who reach State Pension age on or after April 6: £203.85 up from £185.15

  • The basic state pension: £156.20 per week up from £141.85.

  • The Pension Credit standard minimum guarantee will increase by 10.1 per cent in line with CPI inflation, to £201.05 a week for single claimants and to £306.85 a week for couples.