Birminghalm Mail
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Older state pensioners are missing out on £2,798. The ‘old’ State Pension - or Basic State Pension - refers to the contributory state retirement pension system in place for people who reached State Pension age before 6 April 2016.
There are now 13 million people of State Pension age across Great Britain, including 1.1m resident in Scotland. Of that total, 34 per cent are in receipt of the New State Pension while 66 per cent receive the Basic (Old) State Pension.
Under the Department for Work and Pensions (DWP) Triple Lock guarantee, the New and Basic State Pensions increase each year in-line with whichever is the highest between the average annual earnings growth from May to July, Consumer Price Index (CPI) inflation rate in the year to September, or 2.5 per cent.
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