The State Pension increases at the start of every new tax year on April 6, with the increase determined by three factors known as the ‘triple lock’.

Not all state pensioners will receive the headline £471 income boost next month, it has been warned. The State Pension increases at the start of every new tax year on April 6, with the increase determined by three factors known as the ‘triple lock’.

These factors include the consumer price index (CPI) measure of inflation (measured for September the previous year), average wage growth between May and July of the previous year, or 2.5%. This year, both the basic and new State Pensions will be uprated by 4.1%, in line with the annual increase in the average weekly earnings index for May to July 2024.

The State Pension system is divided into two schemes – basic and new – and the amount your pension payments will increase from April 6 depends on when you retired.

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People on the full new state pension will see their payments rise from £221.20 per week (£11,502 per year) to £230.25 per week (£11,976 per year), reflecting a £473.60 annual increase. The ‘basic’ state pension applies to men born before April 6, 1951 and women born before April 6, 1953.

This means that men receiving the ‘basic’ state pension must be at least 74 and women at least 72. Andy Wood, international tax consultant at Tax Natives, said: “While the increase is helpful, the disparity between the two systems remains a challenge, especially for those who retired under the older scheme.”

Men born before April 6, 1951, and women born before April 6, 1953, who receive the basic State Pension, will see their pensions increase by 4.1% from £169.50 per week to £176.45 – a weekly increase of £6.95. Over a year, this equates to an extra £360 to your pension pot, assuming you get the full rate.

This means those on the full new rate will receive £9,175.40 in pension payments across a full year from April 6, 2025. To receive the full amount, a certain number of qualifying years of National Insurance is required. For men born between 1945 and 1951, this is usually 30 qualifying years, or 44 qualifying years if you were born before 1945.

Women require 30 qualifying years if they were born between 1950 and 1953, or 39 qualifying years if they were born before 1950. If you have fewer than the full number of qualifying National Insurance years, your basic State Pension will be less than £176.45 per week.

The New State Pension applies to men born on or after April 6, 1951, and women born on or after April 6, 1953. They are eligible to claim the new State Pension once they reach State Pension age, which is currently 66. Those claiming this pension will see their payments increase by 4.1% from April, with the full rate rising from £221.20 per week to £230.25. This equates to an extra £470 in your pension pot over a year, if you get the full rate.

It means those on the full new rate will receive £11,973 in pension payments across a full year from April 6, 2025 – £2,797.60 more per year than those who get the full basic State Pension.