{"id":87815,"date":"2025-05-09T16:36:09","date_gmt":"2025-05-09T16:36:09","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/87815\/"},"modified":"2025-05-09T16:36:09","modified_gmt":"2025-05-09T16:36:09","slug":"state-pensioners-born-before-1953-missing-out-on-2798-personal-finance-finance","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/87815\/","title":{"rendered":"State pensioners born before 1953 missing out on \u00a32,798 | Personal Finance | Finance"},"content":{"rendered":"

State pensioners have been given another payout boost in 2025 thanks to the Triple Lock<\/a> – but older retirees are missing out on as much as \u00a32,798 per year. The Triple Lock<\/a> automatically increases state pension<\/a> payouts each year, either by inflation, wage growth or a flat 2.5%, whichever is highest. This year, wage growth is 4.1%, so it is the figure used to calculate pension increases. But many may not realise that the pension system is split into two schemes depending on when you retired.<\/p>\n

State pensioners born before 1953, if they are a woman, and 1951 if they\u2019re a man, have seen their pension increase by 4.1% from \u00a3169.50 to \u00a3176.45 per week. This is the old basic state pension<\/a>, which was replaced in 2016 and anyone who hit retirement age on or after April 6, 2016, will receive the new state pension<\/a> instead.<\/p>\n

Across a full year, that means those on the old state pension<\/a> will receive \u00a39,175 in pension payments.<\/p>\n

The full new state pension<\/a> is going up by 4.1% as well, up from \u00a3221.20 per week to \u00a3230.25 per week.<\/p>\n

That means those on the full new state pension<\/a> will receive \u00a311,973 over a year. That’s \u00a32,798 more than the old state pension<\/a>.<\/p>\n

In both cases, these are the maximum amounts, for which you need roughly 30 to 35 years of National Insurance records in order to qualify.<\/p>\n

For those stuck on the old state pension<\/a>, there are ways to increase your payments, the biggest one being Pension Credit.<\/p>\n

Pension Credit tops up your pension payouts if you currently receive less than about \u00a3218 per week, so most people on the old state pension<\/a> will be eligible, assuming they have no other income (like a private pension or second property rental).<\/p>\n

Those who are retired on the old pension can claim Pension Credit to top up their income to \u00a3227.10 per week for a single person and \u00a3346.60 for a couple.<\/p>\n

It means that you\u2019d receive \u00a311,809.20 if you claimed Pension Credit, only \u00a3163.80 less than someone who retired after 2016 on the full new state pension<\/a>.<\/p>\n

To apply for Pension Credit, call the Pension Service Helpline on 0800 991234.<\/p>\n","protected":false},"excerpt":{"rendered":"State pensioners have been given another payout boost in 2025 thanks to the Triple Lock – but older…\n","protected":false},"author":2,"featured_media":87816,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3093],"tags":[51,474,24705,2499,41932,1786,1787,16,15],"class_list":{"0":"post-87815","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-business","9":"tag-finance","10":"tag-pension-credit","11":"tag-personal-finance","12":"tag-retirement-age-differences","13":"tag-state-pension","14":"tag-triple-lock","15":"tag-uk","16":"tag-united-kingdom"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/114478853948920422","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/87815","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=87815"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/87815\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/87816"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=87815"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=87815"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=87815"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}