State pension recipients are set to receive a mega payment boost in fewer than 48 hours in a major boon for older Britons.
On Sunday, pensions will jump by 4.1 per cent, while benefits will rise by 1.7 per cent in a significant financial adjustment for millions across the UK.
The changes mean pensioners will see their weekly payments rise by several pounds, with annual increases amounting to hundreds of pounds.
The "new" state pension, for those reaching state pension age on or after April 6, 2016, will rise to £230.25 a week from £221.20, or an annual rise of £474.85.
The differing rates reflect the Government's commitment to the triple lock, whilst benefits are tied to last September's inflation figure.
However, "older pensioners expecting a 4.1 per cent increase to all of their state pension could be in for a nasty surprise," Rachel Vahey, head of public policy at AJ Bell, said.
Only one in four pensioners receive this "new" rate.
Most pensioners receive the "basic" state pension, which applies to those who took it out before April 2016.
This basic rate has increased to £176.45 a week, up from £169.50, an annual rise of £362.65.
"Basic" recipients also receive an additional state pension - but this element only increases by 1.7 per cent.
LATEST STATE PENSION UPDATES FROM GB NEWS:
The triple lock ensures pensions rise each April by whichever is highest: average wage growth between May and July (which was 4.1 per cent), the previous September's consumer price index (1.7 per cent), or 2.5 per cent.
For this year, the 4.1 per cent wage growth figure determined the pension increase.
Some of the poorest pensioners are also eligible for pension credit, which provides a state pension income top-up.
However, approximately 800,000 pensioners who are eligible for pension credit do not claim it.
Meanwhile, means-tested benefits also increased on Sunday, with a 1.7 per cent rise for benefits linked to inflation.
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This includes Personal Independence Payment (PIP), Disability Living Allowance, Attendance Allowance and Carer's Allowance.
Universal Credit rates have also increased by the same percentage.
Single claimants under 25 now receive £316.98 per month, up from £311.68.
Those 25 or over get £400.14 monthly, previously £393.45.
Couples under 25 receive £497.55 monthly, while couples with at least one partner 25 or over get £628.10.
Find Out More...
On Sunday, pensions will jump by 4.1 per cent, while benefits will rise by 1.7 per cent in a significant financial adjustment for millions across the UK.
The changes mean pensioners will see their weekly payments rise by several pounds, with annual increases amounting to hundreds of pounds.
The "new" state pension, for those reaching state pension age on or after April 6, 2016, will rise to £230.25 a week from £221.20, or an annual rise of £474.85.
The differing rates reflect the Government's commitment to the triple lock, whilst benefits are tied to last September's inflation figure.
However, "older pensioners expecting a 4.1 per cent increase to all of their state pension could be in for a nasty surprise," Rachel Vahey, head of public policy at AJ Bell, said.
Only one in four pensioners receive this "new" rate.
Most pensioners receive the "basic" state pension, which applies to those who took it out before April 2016.
This basic rate has increased to £176.45 a week, up from £169.50, an annual rise of £362.65.
"Basic" recipients also receive an additional state pension - but this element only increases by 1.7 per cent.
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The triple lock ensures pensions rise each April by whichever is highest: average wage growth between May and July (which was 4.1 per cent), the previous September's consumer price index (1.7 per cent), or 2.5 per cent.
For this year, the 4.1 per cent wage growth figure determined the pension increase.
Some of the poorest pensioners are also eligible for pension credit, which provides a state pension income top-up.
However, approximately 800,000 pensioners who are eligible for pension credit do not claim it.
Meanwhile, means-tested benefits also increased on Sunday, with a 1.7 per cent rise for benefits linked to inflation.
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This includes Personal Independence Payment (PIP), Disability Living Allowance, Attendance Allowance and Carer's Allowance.
Universal Credit rates have also increased by the same percentage.
Single claimants under 25 now receive £316.98 per month, up from £311.68.
Those 25 or over get £400.14 monthly, previously £393.45.
Couples under 25 receive £497.55 monthly, while couples with at least one partner 25 or over get £628.10.
Find Out More...