Pensioners will see a boost to State Pension payments in 2026.
Pensioners will see a boost to State Pension payments in 2026 (Image: Getty)
The start of a new year often brings with it a lot of change and for pensioners, it means a boost to State Pension payments in 2026. State Pension rates go up every year from April and the amount that payments increase are determined by the triple lock. The triple lock sets the new rates based on whichever is the highest out of three factors. These are the consumer price index (CPI) measure of inflation (measured for September in the previous year), average wage growth between May and July of the previous year, or 2.5%.
In the Autumn Budget at the end of November, Chancellor Rachel Reeves confirmed the government’s commitment to the pension triple lock for the duration of this parliament, meaning pensioners are due to receive a 4.8% boost to payments in 2026.
The 4.8% is in line with average wage growth, as this was the highest out of the three triple lock factors, above inflation at 3.8% and the 2.5% minimum floor for increases. But the new tax year doesn’t begin until April 6, so pensioners still have a few months to go before the new rates will be reflected in payments.
State Pension payments in December were disrupted due to several bank holidays over the festive period, meaning pensioners will have to make their cash last a little bit longer this month until their January payment arrives.
But as there are no further bank holidays that fall in January, payments will be going out as normal this month and pensioners can expect to receive their cash on their normal payment date.
The State Pension is typically paid every four weeks and when you first claim it, you choose the date when you want to receive your payment.
Pensioners can determine their usual State Pension payment day by looking for the two-digit code at the end of their National Insurance number, as this specifies the date on which payments are normally issued. This is how National Insurance numbers correspond to payment days:
- 00 to 19 – paid on Monday
- 20 to 39 – paid on Tuesday
- 40 to 59 – paid on Wednesday
- 60 to 79 – paid on Thursday
- 80 to 99 – paid on Friday
The DWP explains: “You’ll be asked when you want to start getting your State Pension when you claim. Your first payment will be no later than 5 weeks after the date you choose. You’ll get a full payment every 4 weeks after that.
“You might get part of a payment before your first full payment. The letter confirming your State Pension payment will tell you what to expect.
“The day your pension is paid depends on your National Insurance number. You might be paid earlier if your normal payment day is a bank holiday.”
Men born before April 6, 1951, and women born before April 6, 1953, receive the basic State Pension, which is worth a maximum of £176.45 per week, or around £705.80 per month if you get the full rate.
Men born on or after April 6, 1951, and women born on or after April 6, 1953, get the new State Pension, which is currently worth a maximum £230.25 per week, or around £921 per month if you get the full amount.
