So instead of getting a headline-grabbing rise of £1,000 next year, they will get a rather less eye-catching £737.62.
No wonder many feel aggrieved. Whenever we write articles on the subject, readers on the old State Pension express their frustration.
As one Express.co.uk reader recently said, having two pensions is intrinsically unfair. Older pensioners face exactly “the same outgoings, energy increases and food prices”. Yet they get less income from the state.
The new so-called flat-rate State Pension was designed to bring greater fairness, especially to women.
It has done that to a degree. Women get £164.74 a week in State Pension on average, up from £145.87 under the old regime, official figures show.