Payments will be increasing over the next few weeks
Rachel Reeves has confirmed latest pension rates.
Pension payments will be increasing in just over four weeks’ time – but not everyone will be getting the same amount.
Latest pension rates for 2026/27 have been calculated according to the triple lock.
They will take effect from the first week in April, bringing a financial boost to millions of retirees.
READ MORE: Rachel Reeves to ‘punish’ state pensioners with small private pensions
We are now on WhatsApp. Join our dedicated community here
Get our best money saving tips and hacks by signing up to our newsletter
But exactly how much you get in regular pension payments depends how old you are.
This is because there are two versions of the UK state pension.
Those who retired after April 2016 are on the new full state pension.
They will be getting bumper payments worth £44 extra a month, and £575 over a year.
Older retirees are remain on the older, basic pension, which has a lower rate.
Secret to getting the best of BirminghamLive’s stories
This pension is going up by around £37 a month, and £440 a year.
New retirees were put onto the full pension a decade ago in a bid to simplify the system.
All new pensioners will go onto this version as the older pension is gradually phased out.
Over-75s may also get top-up payments to make up for the gap, though claims persist that the system is unfair.
The triple lock ensures payments increase every year to match whatever is highest out of inflation, wage growth and 2.5%.