How Much is the 2024 State Pension?

The state pension increases each year on the first Monday on or after 6th April (for this year it will be Monday 8th April 2024), currently using the triple lock system. This means that you get an increase based on the higher of earnings growth, inflation or 2.5%. So every year the state pension will increase, not matter what.

For 2024, the highest of those figures was earnings growth, which came in at 8.5% for 2023. This increased the state pension from £10,600.20 per year (or £203.85 per week) for the tax year 2023/24, to £11,502.40 (or £221.20 per week) for the tax year 2024/25.

These figures are the maximum amount of state pension that you can receive. Obviously if you do not receive the full state pension then your figures will be lower, but will still increase by 8.5%. You only get the full state pension if you have the full amount of qualifying years of national insurance payments.

If you are due to receive your state pension in 2024 (this would be people who were born in 1958) then you should receive notification of this around 3 months before your 66th birthday. If you do not receive anything then you can contact HMRC directly to request payment of your pension.

You can also go online and check how much pension you are due via the government gateway or by filling in and sending back a form.

If you don’t receive any other income except for the state pension, then currently you will not be taxed on it as the personal allowance is £12,570. however, as this allowance is staying the same for the next few years, it may be the case that the state pension exceeds the personal allowance in future. It will be interesting to see what the government does if/when this is the case.