The UK State Pension will be worth up to £884 every four-week pay period from April.
New research has found that people on the UK State Pension are being left behind in the cost of living crisis as pensioners barely break even, despite an increase in entitlement. The research, conducted by pension advisors Almond Financial, looked at the current State Pension in comparison to the average cost of living in the UK.
The UK finished 17th in the Pension Breakeven Index, down one place from last year’s report and just 9.18 per cent above the pension income breakeven point. The maximum UK State Pension will pay a total of £884.40 every four-week pay period to retirees from April 2024 and at the time of writing, recent data stated that the monthly cost of living for a single person is £810.40.Top Money Stories Today The Luxembourg pension system pays out an average of €6,095.87 per month , the equivalent to a whopping £4,327.47 more than the UK State Pension.
“Although the increase in the State Pension was well intended, it actually works out to be a real-terms pay cut for most pensioners in comparison to last year’s report which saw pensioners have approximately £115 surplus after essentials. It's clear that those over 66 need to look at other options rather than just relying on the State Pension.
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