State pensioners across the UK are in line for a £1,900 boost over the term of this Parliament as the government confirms its commitment to the triple lock. The State Pension increases at the start of each new tax year on April 6 and the amount it goes up is determined by the highest figure out of three factors, known as the ‘triple lock’. The triple lock sees the State Pension go up by whichever is highest out of the consumer price index (CPI) measure of inflation (measured for September the year before), average wage growth between May and July of the previous year, or 2.5%.

It was first introduced in 2010 as part of a coalition agreement and was designed to ensure that the State Pension keeps pace with people’s income and the cost of living. This year, both the basic and new State Pensions have been uprated by 4.1%, in line with the annual increase in the average weekly earnings index for May to July 2024 – as this was the highest out of the three factors.

The Department for Work and Pensions (DWP) has confirmed that the triple lock means those receiving State Pension are set to get an income boost of up to £1,900 over the term of this Parliament.

The government has said its commitment to the pensions triple lock is “ironclad” to ensure pensioners have “certainty and security” in retirement.

Pensions Minister Torsten Bell reiterated this commitment and said the State Pension would not only be uprated this year, but throughout the current Parliament.

In a message to pensioners about uprating the State Pension further in the future, Mr Bell said during a Treasury debate: “We are not just increasing pensions above the rate of inflation this year but doing so throughout the current Parliament, and that should raise the State Pension by up to £1,900 by the end of the Parliament.”

He added: “This government is absolutely committed to supporting pensioners and giving them the dignity and security they deserve in retirement.”

The 4.1% uprating this year means those who get the full basic State Pension will see their weekly payments rise from £169.50 per week to £176.45, which amounts to an additional £360 per year.

By comparison, those who get the full new State Pension will see their weekly payments rise from £221.20 per week to £230.25, an increase of £470 per year.

Work and Pensions Secretary Liz Kendall said: “Our ironclad commitment to the Triple Lock gives pensioners across the country the certainty and security they need to live a full life in retirement. We are putting more money in people’s pockets and driving up household income as part of our Plan for Change.”