4.7 million now receive the newer state pension introduced in April 2016, marking a rise of 720,000 in just one year.
Millions of state pensioners handed £36 weekly increase from DWP
The Triple Lock is at risk with the two Department for Work and Pensions (DWP) rates “increasingly difficult to fund”. Based on DWP data, among the 13.1 million recipients, 4.7 million now receive the newer state pension introduced in April 2016, marking a rise of 720,000 in just one year.
Jon Greer, head of retirement policy at Quilter, said: “The average payment has seen some of the largest cash increases on record, rising by nearly £19 a week in 2023 and then £17 a week from 2024. This is a direct result of the triple lock and recent high inflation and strong earnings growth.”
“The triple lock offers valuable protection for pensioners, but it has no clear benchmark and is becoming increasingly difficult to fund sustainably as a result of both the mechanism itself and the UK’s shifting demographics,” he stated.
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Figures from the Department for Work and Pensions showed the number of people receiving the State Pension increased by 1.7% to 13.1 million in February 2025.
It marks an increase of 213,800 people claiming the State Pension since February 2024 and 37,900 since November. The average payment has also seen some of the largest cash increases on record, rising by nearly £19 a week in 2023 and £17 a week from 2024 – a £36 hike.
With the State Pension age set to rise to 67, Greer said people should also consider how they will supplement the State Pension in later life.
In response to calls for triple lock, a Labour Party government spokesperson previously said: “What we recognise is that the public finances need to be brought back under control,” he said.
“We’ve had a decade of the UK being exposed to global risks more and more and to interest rate fluctuations, and that is why we have non-negotiable fiscal rules, and that is our focus.”