{"id":116779,"date":"2025-11-04T03:57:37","date_gmt":"2025-11-04T03:57:37","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/116779\/"},"modified":"2025-11-04T03:57:37","modified_gmt":"2025-11-04T03:57:37","slug":"state-pensioners-set-to-be-handed-unexpected-241-payment-from-dwp","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/116779\/","title":{"rendered":"State pensioners set to be handed unexpected \u00a3241 payment from DWP"},"content":{"rendered":"

Under the latest metrics, a 4.8 per cent hike is expected\"StateState pensioners set to be handed unexpected \u00a3241 payment from DWP<\/p>\n

The state pension is set to rise by more than expected next year – with Triple Lock figures showing retirees are on course for an unexpected increase.<\/p>\n

The so called \u2018triple lock\u2019 from the Department for Work and Pensions, or DWP<\/a>, means the increase in state pension is the higher of:- National Average Earnings, Cost of living (CPI) or 2.5%. This formula is applied to the old basic state pension and the new state pension post April 2016 \u2013 not to any other state or workplace pension.<\/p>\n

Under the latest metrics, a 4.8 per cent hike is expected – with wage growth likely to be the metric which sees the payments rise. It means the full new state pension should increase from \u00a3230.25 a week to \u00a3241.30 in April 2026.<\/p>\n

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The old basic state pension should increase from \u00a3176.45 a week to \u00a3184.90. 2016 saw the new state pension come in. The new state pension has a relative value of around 24% of long-term national earnings.<\/p>\n

The Pensions Policy Institute advised: “It is clear that both the double or triple lock cannot go on forever, as pensions would eventually be higher than average earnings. But what is missing from the current debate is any consideration of what the appropriate level for the State Pension is, what should it be linked to, and how much should it cost?<\/p>\n

“At the moment the triple lock is a short term fix designed to increase the generosity of the State Pension gradually, but with no clear objective or end point.<\/p>\n

“When it is bought to the end it needs to be replaced with a coherent, comprehensive policy that clarifies the role of the State Pension in retirement income.”<\/p>\n

Helen Morrissey, head of retirement analysis at Hargreaves Lansdown, said: \u201cThis has consequences for people getting state pension who can expect the amount they get to go up ever so slightly from next April.<\/p>\n

\u201cThose on the full new state pension could be on course for \u00a3241.30 per week rather than \u00a3241.05 while those on the full basic state pension will see their weekly payment rise to \u00a3184.90 rather than \u00a3184.75.<\/p>\n

\u201cOf course we are still waiting for the final piece of the triple lock puzzle to click into place with inflation figures published next week the key figure. However, with inflation currently hovering at 3.8% the likelihood is that average wages will be the figure used.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Under the latest metrics, a 4.8 per cent hike is expectedState pensioners set to be handed unexpected \u00a3241…\n","protected":false},"author":2,"featured_media":116780,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[138,3733,246,111,139,69,244,245],"class_list":{"0":"post-116779","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-business","9":"tag-dwp","10":"tag-finance","11":"tag-new-zealand","12":"tag-newzealand","13":"tag-nz","14":"tag-personal-finance","15":"tag-personalfinance"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/116779","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=116779"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/116779\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/116780"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=116779"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=116779"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=116779"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}