State pension increase: Will my state pension increase in 2020? – How much by? | Personal Finance

State pensions are due to increase later this year, with millions expected to be better off thanks to the government’s triple lock scheme. The triple lock system was first brought into effect in 2011 and ensures the basic state pension increases based on one of three amounts.

Trending

Those receiving their pension will receive a boost come April 2020, when the increase is implemented.

The amount pensions go up by is whichever is greater out of 2.5 percent each year, the rate of inflation or the average earnings growth.

Often state pensions are an addition to other income, such as a workplace or other type of pension.

You can check your State Pension online here to find out what you could get and when you could get it.

Read More: State pension age change: The THREE benefits 1950s women can claim 

State Pension increase: Pensions will increase from April this year

State Pension increase: In April 2020 pensions will increase (Image: GETTY)

READ MORE

Britons missing out on billions in lost pensions – how to find them How much will my state pension be in 2020?

From April 2020, and under the state pension will be given a 3.9 percent lift.

This is the biggest increase since 2012 and will be a welcome boost for millions.

If you are on the new state pension your weekly allowance will rise to £175.

State Pension increase: State Pension age explained

State Pension increase: You receive pension when you reach state pension age (Image: GETTY)

State Pension increase: Triple lock scheme gives pensioners an increase each year

State Pension increase: The increase is in line with the Government’s triple lock scheme (Image: GETTY)

This is an increase of £6.58 per week as of April 2020.

For those on the basic state pension will see their weekly allowance increase to £134.

This will be an increase of £5.04 per week.

To read more about what you get from a state pension, visit this website here.

DON’T MISS
State pension: Women urged to check they aren’t missing out on cash [INSIGHT]
Pension withdrawals: How to avoid running out of money in retirement [EXPLAINED]
State pension age? You may be making a common mistake and missing out [ANALYSIS]

Related articles

How to make your money last WHATEVER size your pot Pros and cons of loan options if pension amount not enough

READ MORE

How to make your money last WHATEVER size your pot Who is eligible for a state pension?

According to Gov.uk, you are eligible for the basic state pension if you were born before

April 6, 1951, if you’re a manApril 6, 1953, if you’re a woman

For those born on or after these dates, it is the new state pension you are entitled to.

If you reached State Pension age before 6 April 2016, you’ll get the State Pension under the old rules instead.

State Pension increase: You receive pension when you reach state pension age

State Pension increase: Your pension payment date is linked to your National Insurance number (Image: GETTY)

Your payment date is linked to your National Insurance number.

This means you will receive your first payment on the first allocated payday which follows your state pension age.

To receive the basic pension you must have a total of 30 qualifying years of National Insurance contributions or credits.

To be entitled to the new full State Pension, you will need to have made qualifying National Insurance contributions for 35 years.

Related articles

Martin Lewis on the ‘top’ easy-access joint savings account 5 tips for saving money on your overseas wedding

Put simply this means you either were

working and paying National Insurancegetting National Insurance Credits, for example for unemployment, sickness or as a parent or carerpaying voluntary National Insurance contributions

To find out more about National Insurance contributions visit the Government’s website here.