State pension payments to rise this month – how much will you get from the DWP? | Personal Finance | Finance

Jenny Holt, the managing director of Customer Savings and Investments at Standard Life, explained why overall pensions have gone up in the last year and how state pension changes have affected overall retirement pots.

Mr Holt said: “They highlight that benefit income, which includes the state pension, is the foundation of many pensioners’ income with the payments making up more than half of the total gross income for single pensioners (56 percent), while for pensioner couples it was 37 percent.

“The decision to pause the triple lock uprating from April for 12 months will therefore be viewed as a blow by many pensioners who are on course to experience a 3.1 percent increase as opposed to the eight percent they would have experienced if it were kept in place.

“However, the Chancellor’s recent announcement confirming that the triple lock would be reinstated and applied to the 2023/24 state pension increase is positive and will provide much needed reassurance to many pensioners.”