In April 2023, the full rate for the New State Pension increased to £203.85 per week (£10,600.20 annually), while the Basic State Pension rose to £156.20 per week (£8,122.40 annually), thanks to the "triple lock" returning after a temporary double lock the previous year.
For example, State Pension increased 10.1% in 2023, 8.5% in 2024 and 4.1% in 2025, costing billions.
To get the full Australian Age Pension in late 2025, a single homeowner can have up to $321,500 in assets, while a single non-homeowner can have up to $579,500; for a couple, the combined limits are $481,500 (homeowner) and $739,500 (non-homeowner), with assets including savings, investments, and property (excluding your main home). These limits are based on the Assets Test, and exceeding these thresholds reduces your pension amount.
From 6 April 2025, the State Pension will increase by 4.1%.
Key takeaways
You may inherit part of or all of your partner's extra State Pension or lump sum if: they died while they were deferring their State Pension (before claiming) or they had started claiming it after deferring. they reached State Pension age before 6 April 2016. you were married or in the civil partnership when they died.
The basic State Pension is currently £137.60 per week. This amount goes up each year. If you can get it, the full new State Pension amount is £179.60 a week. The money you may be able to get could be lower.
A UK pensioner can have unlimited savings in the bank without affecting their State Pension, but savings over £10,000 reduce Pension Credit (a top-up benefit) by £1 per week for every £500 over that limit, with savings over £16,000 potentially affecting Housing Benefit/Council Tax Support. There's no hard limit on total savings, but significant amounts (e.g., over £16,000) can make you ineligible for certain means-tested benefits, while your savings remain protected up to £120,000 per institution by the FSCS.
Martin Lewis has issued a key state pension update during his Budget special on Thursday, 27 November. The state pension will rise by 4.8% in April 2026, meaning that the new state pension will increase to £12,547.60 a year — just below the frozen personal allowance tax threshold at £12,570.
Which Countries Have the Most Sustainable Pension Systems? Iceland, Denmark, and the Netherlands have the most financially sustainable pension systems due to well-balanced contribution rates and participation.
You can have a significant amount of super and still get a part Age Pension in Australia, with the cut-off for homeowners being around $714,500 (single) or $1,074,000 (couple), and for non-homeowners, roughly $972,500 (single) or $1,332,000 (couple) as of late 2025. These figures are part of the Assets Test, where higher assets reduce your pension amount, with payments stopping entirely once you exceed these limits.
The happiest retirees have an average total monthly income of £1,700. To get at least that much a month, and assuming you retire at 65, you'll need to: Have a pension pot of about £172,500, after you've taken your tax-free cash. Be eligible for the full State Pension, which is currently £11,973 a year.
Centrelink does not monitor your bank accounts in real time. Access to detailed bank information is generally limited to investigations of suspected fraud.
If you have less than 10 years NI contributions, you won't receive any State Pension. If the number of years you have been contributing for is between 10 and 35 years then the amount you receive will be proportionate to the number of years you have been contributing.
Yes, there was a significant Australian Age Pension increase in 2025, effective from September 20, 2025, boosting payments for singles by $29.70 per fortnight and couples by $22.40 each (a combined $44.80) to help with cost-of-living pressures, alongside changes to deeming rates. These adjustments align with the standard March and September indexation reviews tied to inflation and wages.
The current full retirement age is 67 years old for people attaining age 62 in 2026. (The age for Medicare eligibility remains at 65.) Refer to Benefits By Year Of Birth for more information.
Your State Pension is based on your National Insurance contribution history and is separate from any of your private pensions. Any money in, or taken from, your pension pot may affect your entitlement to some benefits.
If you are over 60, any benefits paid to you (as a lump sum or as a pension) are tax-free and are not assessable for income tax purposes. If you are under 60, all benefits are subject to Commonwealth benefits or income tax.
One benchmark is the “6% Rule”: if your annual pension payout equals 6% or more of the lump sum value, the annuity may be more competitive. If the rate is lower, investing the lump sum could offer greater potential.
The biggest retirement mistake is often failing to plan adequately, which includes underestimating expenses (especially healthcare), ignoring inflation's impact on purchasing power, not starting savings early enough to benefit from compound interest, and leaving retirement savings in the wrong place (like not converting super to a tax-free pension), leading to running out of money or living a constrained lifestyle. A lack of a clear budget, not understanding investment options, and neglecting lifestyle/purpose planning also rank high.
No. The State Pension is not means‑tested. This means your savings do not affect whether you receive the State Pension or how much you get. However, many pensioners receive additional support on top of the State Pension.
Deposits over $10,000 are treated a little differently by banks because of a law called the Bank Secrecy Act. Under this law, when you make a cash deposit of $10,000 or more, the bank is required to file a Currency Transaction Report (CTR). The CTR needs to include: The name of the person who is making the deposit.
at least 35 years of NI contributions, then you may get the full amount. between 10 and 34 years of contributions, then you'll receive a proportion of the full amount. less than 10 years of NI contributions, then you aren't usually eligible for the new State Pension.
Delay the start date of your retirement
For every nine weeks that you defer getting your state pension, the amount you get increases by the equivalent of 1 per cent. So, defer for a year and your state pension income will increase by just under 5.8 per cent. That's an extra £13.35 a week or £694.20 a year for life.