Martin Lewis has broken down the state pension rise that will come into effect in April 2025 and why it won't "reflect the reality on the ground for many". The founder of the MoneySavingExper (MSE) website has made a statement following the news that UK inflation had fallen to 1.7% today (Wednesday, October 16), which is the lowest rate in three-and-a-half years.
Inflation is one of the factors that impacts the rise in state pensions in what is known as the triple lock. Under that arrangement, the state pension goes up each year by either 2.5%, inflation, or earnings growth - whichever is the highest figure, BBC News reports .
NEWS. Full State Pension set to rise for most by £362 (4.1%) and benefits by 1.
7% from April 2025, and why we're reporting a LOWER state pension rise amount than you'll likely read elsewhere. The full explanation and need to knows..
. https://t.co/1StxRJFFri — Martin Lewis (@MartinSLewis) October 16, 2024 This time around, the latest data has confirmed the highest is earnings growth - at 4.
1%. They add: "The full, new flat-rate state pension (for those who reached state pension age after April 2016) is expected to increase to £230.30 a week.
That will take it to £11,975 a year, a rise of £473 compared with now." However, Martin Lewis has explained that this figure will not apply to everyone. Martin Lewis breaks down April 2025 state pension rise Writing on the MSE website , Lewis explained: "While most headlines, and Government communications, will.
