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Pensioners are set to get a \u00a3562 boost next year<\/p>\nThe state pension rate for 2026\/27 has been confirmed under the terms of the triple lock<\/p>\n
17:24, 29 Sep 2025Updated 18:17, 29 Sep 2025<\/p>\n
Pensioners are set to get a \u00a3562 boost next year<\/p>\n
State pensioners across the UK are set to receive a significant boost next year. The state pension rate for 2026\/27 has been confirmed under the terms of the triple lock, resulting in a 4.7% increase. This will push the annual rate up to \u00a312,535 for those on the new state pension<\/a> – an uplift of \u00a3562.<\/p>\n The increase in payments will take effect from April next year, reports Birmingham Live<\/a>. The triple lock guarantees that the pension<\/a> increases annually in line with the highest of inflation, wage growth or 2.5%.<\/p>\n With wages having risen by 4.7%, this figure will determine the latest increase.<\/p>\n However, this could result in more older people paying income tax for the first time due to frozen tax bands.<\/p>\n There have also been suggestions that the triple lock could become unsustainable as it significantly boosts pension<\/a> payments.<\/p>\n Pension experts at Spencer Churchill Claims Advice said: “From April 2026, the state pension will rise by 4.7%, taking the full new state pension to about \u00a3241 a week, or just over \u00a312,500 a year.<\/p>\n “That’s a meaningful increase, especially for those relying heavily on it to cover everyday expenses.”<\/p>\n However, they warned: “The rise also brings the state pension close to the frozen personal tax allowance, meaning more retirees could end up paying income tax on their pension alone.<\/p>\n “Pension rises look good on paper, but frozen personal allowances mean retirees don’t always feel the full benefit.<\/p>\n “This is called fiscal drag \u2013 where an increase in pension income simply pushes people into tax thresholds.<\/p>\n “Many pensioners who only rely on the state pension will soon find themselves paying tax for the first time, while those with workplace or private pensions are already there.”<\/p>\n They further stated: “The Government has pledged to maintain the triple lock until the end of this Parliament, but beyond that, nothing is guaranteed.”<\/p>\n Sign up to our breaking news newsletter here<\/a>.<\/p>\n Join the Liverpool ECHO Breaking News and Top Stories WhatsApp community to receive the latest news straight to your phone by clicking here<\/a>.<\/p>\n