Five major pension changes to look out for in 2024 - including an increase

The next 12 months will see some major changes to pensions which could affect retirees' personal finances.

One of the most significant changes taking place in 2024 is the planned rise to the state pension. Changes to auto-enrolment, which were previously proposed, may also come into force this year.

Workers may also receive more details on how the 'pension pot for life', which was proposed in the Autumn Statement, could work. The Lifetime Allowance is also set to be scrapped this year, which could have a significant effect on those with larger pension pots, the Mirror reports.

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Here's a breakdown of all the changes you can expect to pensions throughout 2024.

April will see the rise to state pension by 8.5 per cent - in-line with the triple lock pledge. Currently, the full new state pension is worth £203.85 per week and will rise to £221.20.

People can claim the new state pension if they were born on or after April 6, 1951 (if the claimant is a man) or born on or after April 6, 1953 (if the claimant is a woman).

Meanwhile, the full basic state pension is currently worth £156.20 per week which will rise to £169.50. This can be claimed if the claimant was born before April 6, 1951 (if the claimant is a man) or born before April 6, 1953 (if the claimant is a woman).

Helen Morrissey, head of retirement analysis at Hargreaves Lansdown, said: "After a tough year of high prices and squeezed budgets, this inflation busting increase will be welcomed by many. However, with this being the second large increase in a row, debate over how to contain the burgeoning cost of state pension will continue with calls to reform the triple lock.

"As we