And this Wednesday, Chancellor Rachel Reeves is set to confirm a slate of spending and benefits plans for the coming financial year when the much anticipated/feared Autumn Budget 2025 is finally unveiled.

Following months of rampant speculation, this Wednesday we will finally learn how much various taxes are going to increase, as well as how much various DWP benefits will be going up for the next financial year starting in April 2026.

Unless a radical and highly unlikely policy change is announced on Wednesday to change state pension rules for 2026 at short notice (which would also require Parliamentary process), the state pension is set to rise once again in line with the Triple Lock system.

Currently, the Triple Lock is set to produce an approximate £440 increase for older state pensioners from April 2026. That’s because the key average earnings figure has been confirmed at 4.8%, which is higher than inflation and of course higher than the 2.5% minimum floor for increases.

Older state pensioners, who hit state pension age before 2016, will get the 4.8% boost to their basic state pension, but the basic pension is set at a lower weekly amount than the full state pension, so the end result is a lower total increase, at £440 instead of £575.

Older state pensioners will see their payments increase from £176.45 to approximately £184.90, while new state pensioners will see theirs rise from the current £230.25 to approximately £241.30 per week.

Martin Lewis’ MSE explained: “MoneySavingExpert.com founder Martin Lewis explained the State Pension news on X in September, when the figure for average wage growth was first announced. At the time, it was 4.7% – but the Office for National Statistics has since revised it to 4.8%, so we’ve updated the figures below:

“The State Pension is set to rise 4.7% [now 4.8%] next April. We know this as it is ‘triple locked’ – i.e. it rises by the higher of 2.5% or inflation or the rise in average earnings. The key figure has just come in for earnings to July and it’s likely to be the highest of the three, at 4.7% [now 4.8%].

“NEW state pension: £230.25 to £241.05 a week [now £241.30].

“OLD state pension (retirees pre-April 2016): £176.45 to £184.75 a week [now £184.90].”

Crucially, both of these will still be below the £12,570 Personal Allowance threshold for income tax.

There has been no change to the tax rules for state pensioners, who have always been liable to pay tax even after collecting their state pension, but those who do not have any other income or savings in 2026 will not pay tax on their state pension income alone.

The final Budget announcements will be made this Wednesday.