The State Pension is set to increase by more than £2,000 over the course of this Parliament, according to the Government. The rise is due to the “triple lock” commitment, which ensures that the State Pension rises based on one of three measures: average earnings, inflation, or 2.5% – whichever is highest.
The Government anticipates that by late 2028/2029, payment rates will have risen by as much as £2,100. It was reaffirmed by Minister for Pensions Torsten Bell this week as the Government announced nearly 1.5 million households have already benefited from Cold Weather Payments this winter.
“In addition, our biggest ever Pension Credit take-up campaign and our Triple Lock commitment, which will see the State Pension increase by up to £2,100 over this Parliament, are ensuring pensioners get the support they need this winter,” Mr Bell said.
However it’s worth noting that this is a projection based on how the triple lock could increase payments over this period, and not a confirmed sum.
The Government also says overall spending on the State Pension is set to be more than £30 billion higher a year by the end of this Parliament than in 2024-25.
The full rate of new State Pension is currently £230.25 a week (£11,973 per year). Your amount could be different depending on:
- whether you were contracted out before 2016
- the number of National Insurance qualifying years you have
- if you paid into the Additional State Pension before 2016
At the moment, the legacy State Pension pays out a maximum of £176.45 per week in the best-case scenario. However, both pension schemes are rising by 4.8% from April 6, 2026.
This is in line with wage growth, which was the highest measure in the triple lock.
As a result, those on the New State Pension will be getting £241.30 per week from April (up from £230.25), with additional elements such as deferred rates increasing by 3.8%.
The basic State Pension will rise to £184.90 weekly. The annual incomes generated by the New State pension and the old State Pension will be £12,547 and £9,614, respectively.
