Millions of state pensioners across the UK are set for a significant income boost from next April, following the government's confirmation that it will honour the pension triple lock.
Chancellor Rachel Reeves used her Autumn Budget statement on Wednesday, November 26, to announce that payments will rise in line with the highest measure of the triple lock mechanism.
How the Triple Lock Secures the Increase
The state pension increase is governed by the triple lock, a policy the government has committed to for this parliament. The triple lock guarantees that the state pension rises by whichever is the highest of three figures: average earnings growth, the Consumer Price Index (CPI) measure of inflation, or 2.5%.
For the 2026/27 tax year, the deciding factor was average wage growth, which was recorded at 4.8 per cent for the relevant period. This means pension payments will see a corresponding 4.8 per cent uplift starting in April 2026.
What the New Pension Rates Mean for Your Wallet
The HM Treasury has clarified the real-world impact of this increase. For those receiving the full new State Pension, the weekly payment will jump from the current rate of £230.25 to £241.30.
This translates to an extra £575 over the course of a year, providing a much-needed boost to retirement incomes. Annually, the maximum payment for those on the full new State Pension will be £12,547.60.
For older pensioners who qualify for the full basic State Pension, the weekly amount will increase to £184.90. This means they will receive up to £9,614.80 per year from April 2026.
Government Commitment to Pensioner Security
Announcing the rise, Chancellor Rachel Reeves stated, “Whether it’s our commitment to the triple lock or to rebuilding our NHS to cut waiting lists, we’re supporting pensioners to give them the security in retirement they deserve.”
She added that the Budget would outline “fair choices to deliver on the country’s priorities to cut NHS waiting lists, cut national debt and cut the cost of living.”
The confirmation provides financial certainty for pensioners, ensuring their state pension continues to grow in line with the wider economy's performance.
