Millions of pensioners across the UK are set to receive a significant boost to their income this year, with state pension payments increasing by 4.1%. This rise, triggered by the "triple lock" guarantee system, ensures pensions are adjusted annually based on the highest of inflation, average earnings, or 2.5%.

The increase, coupled with a 1.7% boost to other benefits, will offer some much-needed relief amid rising household costs. Figures from the Department for Work and Pensions (DWP) show that 12.9 million individuals currently receive the state pension, encompassing both the basic and new state pensions.

The DWP will proactively inform pensioners of the revised amounts prior to April 7th. This timely notification ensures recipients are aware of the forthcoming adjustments.

Importantly, the DWP acknowledges a substantial amount of unclaimed benefits. Data from Policy in Practice reveals that approximately £23 billion in benefits go unclaimed annually, including approximately 850,000 pensioners missing out on pension credit.

To address this, the DWP is actively working to improve benefit uptake through increased outreach efforts, such as sending informational leaflets. Pension credit, a supplementary payment, will also see increases, providing additional financial support. The maximum potential support for an individual could reach £4,200.

For those receiving the basic state pension, weekly payments will increase from £169.50 to £176.45, translating to a yearly boost of £361.40. Similarly, recipients of the new state pension will see weekly payments rise from £221.20 to £230.25, resulting in a yearly increase of £470.60. This additional income can provide crucial financial assistance for pensioners, particularly in light of current economic pressures.