View Image

Chancellor Rachel Reeves is outlining the Labour Party government's Autumn Budget today, with state pension payments rising by 4.8 per cent next April.

This is due to the Labour Party government's Triple Lock pledge being confirmed at the Budget, with the Chancellor also confirming he policy will remain in place for the duration of this Parliament.

The full new state pension currently pays £230.25 a week, or £11,973 a year, while the full basic state pension pays £176.45 a week, or £9,175.40 a year.

READ MORE: Keir Starmer makes state pension 'means test' claim

The triple lock ensures payment rates for the state pension go up in line with inflation, the highest being 2.5 per cent.

The full new state pension will now rise to £241.30 a week, or £12,547.60 a year - equatin

See Full Page