On Tuesday 5th February, Minister for Social Security and Disability, Sir Stephen Timms MP (Lab, East Ham), delivered a statement on the draft Social Security Benefits Up-rating Order 2025, which were approved.
- The draft Social Security Benefits Up-rating Order 2025 will increase relevant state pension rates by 4.1%, in line with the growth in average earnings in the year to May to July 2024.
- It will increase most other benefit rates by 1.7%, in line with the rise in the consumer prices index in the year to September 2024.
- The Government’s commitment to the triple lock means that the basic and full rate of the new state pension will be uprated by whichever is highest out of the growth in earnings, the growth in prices, or 2.5%.
- This will rise to 4.1% for 2025-26.
- From April this year, the basic state pension will increase from £169.50 per week to £176.45, and the full rate of the new state pension will increase from £221.20 to £230.25.
- The Government is fully committed to maintaining the pension triple lock.
