The Department for Work and Pensions (DWP) has confirmed a boost in payments for state pensioners thanks to the triple lock mechanism. The triple lock increase means pensioners with a full National Insurance record will receive up to £439.40 more throughout the 2026/27 tax year. This equates to an extra £37 per month for many recipients. The policy will be reviewed again ahead of the April 2027 tax year.
Weekly payment increases
Pensioners who reached state pension age before April 2016 and receive the basic state pension will now receive around £184.90 per week, up from the previous weekly rate of £176.45. For people who reached state pension age from April 2016 onwards and qualify for the new state pension, the weekly rate is now £241.30, up from £230.25.
Future sustainability concerns
Sarah Pennells, consumer finance specialist at Royal London, notes that with the state pension age due to rise to 67 between 2026 and 2028, and a further rise to 68 planned, there will likely be further debate about how sustainable and fair the triple lock is in the longer term. The triple lock guarantees that the state pension increases by the highest of inflation, average earnings growth, or 2.5%.
Pension credit: an underclaimed benefit
Remember, if you are struggling on a low income, you may be able to top up your state pension with pension credit. It tops up income to a guaranteed level for those on the state pension. If you are not receiving the full amount of state pension per week, pension credit might help. It is one of the most underclaimed benefits, as many people do not realise they qualify and can find it hard to claim.
Pension credit can also unlock other benefits such as a free TV licence or help with the cost of NHS dental treatment. Just 65% of eligible older people received pension credit in 2023, according to government figures, meaning almost 800,000 people missed out. More people have since applied, although not all of those were successful in their claims.
Eligibility criteria
Pension credit is for people with an income of less than £227.10 a week if you are single, or £346.60 if you are in a couple. It will boost your income to at least that amount. The DWP encourages all eligible pensioners to check if they qualify and submit a claim to ensure they receive the support they are entitled to.
