State pensioners born in these years will get up to a handy £575 boost confirmed this Wednesday.
State pensioners will be given another boost in the Budget today (Image: Getty)
A handy financial boost has been confirmed for state pensioners today following Rachel Reeves‘ Autumn Budget announcements.
The state pension is guaranteed to increase every year based on one of three metrics – inflation, wage growth or a flat 2.5%, and this is enshrined in law.
And this Wednesday, Chancellor Rachel Reeves has not announced any change to the existing state pension triple lock plans, meaning the much anticipated £575 boost for new state pensioners will go ahead as promised.
Following months of rampant speculation, this Wednesday we finally learned how much various taxes are going up or down, as well as how much various DWP benefits will be going up for the next financial year starting in April 2026.
How much extra money will state pensioners get?
In today’s Budget announcements, the Chancellor reaffirmed the government’s commitment to the Triple Lock, which is set to give up to £575 extra per year for new state pensioners with a full National Insurance record.
It was confirmed that the Triple Lock is set to give a £575 increase to new 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.
Therefore, state pensioners born in these years: on or after April 6, 1951 for men or April 6, 1953 for women, will be eligible to collect the new state pension when they reach state pension age, currently 66 though this is due to rise to 67 in the near future, and get the extra money.
Older state pensioners, who hit state pension age before 2016, will also get the same 4.8% boost to their basic state pension, but the basic pension is set at a lower weekly amount, so the end result is a lower total increase. Older state pensioners will see their payments increase from £176.45 to approximately £184.92, while new state pensioners will see theirs rise from the current £230.25 to approximately £241.30 per week.
Crucially, both of these will still be below the £12,570 Personal Allowance threshold for income tax, though new state pensioners’ total annual income, at £12,548, is mighty close.
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.
