From April 6, the State Pension will increase by 4.8 percent under the Triple Lock policy, raising the full New State Pension to £241.30 per week. However, nearly half a million pensioners will receive significantly less, with some living on as little as £20 per week.
This discrepancy is due to eligibility and contribution factors that affect how much individuals receive, leaving a substantial number of pensioners without the full benefit of the inflation-linked rise.
**Why this matters**
The State Pension is a key source of income for many retirees, and increases help maintain their purchasing power amid rising living costs. Those missing out on the full rise may face greater financial challenges, impacting their ability to cover essential expenses. Understanding who is affected is important for policymakers and support organizations aiming to address pensioner poverty.
Source: NewsData