State pensioners across the UK are expected to receive a boost worth up to £575 under the Triple Lock pledge. The exact date they will get the cash has been revealed, with millions of retirees set to benefit.
The triple lock ensures the basic and new state pension increases by the highest of either the rate of inflation, average earnings growth or 2.5%. The Office for National Statistics (ONS) recently confirmed that the rate of inflation for September was 3.8% which means that wage growth will likely be used to increase the state pension by 4.8% from next April.
As reported by Birmingham Live, this means that people receiving the full new state pension could get £241.30 every week – up from £230.25. This will increase their annual amount from £11.973 to £12,547.60 – an increase of £574.60 every year.
Meanwhile, those on the basic state pension could see their weekly payment rise from £176.45 to £184.90. This is an annual increase of £439.40 – from £9,175.40 to £9,614.80.
State pension increases take effect when the new tax year begins, and next year this will occur on Monday, April 6, 2026. Chancellor Rachel Reeves is set to officially confirm the state pension increase in the upcoming Autumn Budget, but the Labour Party has vowed to stick with the triple lock while in Government.
After the inflation figures emerged last month, ONS Chief Economist Grant Fitzner said: “A variety of price movements meant inflation was unchanged overall in September. The largest upward drivers came from petrol prices and airfares, where the fall in prices eased in comparison to last year.
“The were offset by lower prices for a range of recreational and cultural purchases including live events. The cost of food and non-alcoholic drinks also fell for the first time since May last year.”
Ms Reeves added: “I am not satisfied with these numbers. For too long, our economy has felt stuck, with people feeling like they are putting in more and getting less out.
“That needs to change. All of us in government are responsible for supporting the Bank of England in bringing inflation down.
“I am determined to ensure we support people struggling with higher bills and the cost of living challenges, deliver economic growth and build an economy that works for, and rewards, working people.”
