The full amount of the new State Pension for 2023/2024 is £203.85 per week. This amount is set to increase by 8.5% to £221.17 a week in April 2024 due to the triple lock guarantee. The triple lock system is a commitment by the government to increase the state pension annually in line with the highest of either wage growth, inflation, or 2.5%, as measured in September. The triple lock system is set to remain in place for the time being, but the prime minister has not yet confirmed whether or not it will continue.

It is important to note that the amount of state pension you receive depends on your national insurance contributions. You need 35 years of national insurance contributions to get the full amount of the new State Pension. If you have made or been credited with less than 35 years of qualifying contributions, you will receive a lower amount. For example, 30 years of contributions will give you 30/35 x £203.85 = £174.73 a week, and 10 years of contributions will give you 10/35 x £203.85 = £58.24 a week.

If you reached state pension age before April 2016 and are receiving the full basic state pension, you will get £156.20 a week.