Pension amounts have been announced for 2026/27, to take effect in April
Chancellor Rachel Reeves has confirmed latest pension amounts.(Image: PA)
Retirees will see their state pensions rise by as much as £575 a year from April.
But not all over-65s will receive this big boost.
It depends how old you are and which version of the state pension you receive.
READ MORE: Rachel Reeves confirms new £150 charge for drivers doing at least 5,000 miles a year
We are now on WhatsApp. Join our dedicated community here
In the UK, there is the full state pension and the old basic version.
The new pension was created 10 years ago, with all new retirees going on to it.
Everyone who retired before 2016 – the majority of pensioners – still receives the basic pension.
From April, the full state pension will be worth £12,547 and the older version £9,614.
The latest amounts for over-65s have been set according to the triple lock policy.
Get our best money saving tips and hacks by signing up to our newsletter
They will take effect from the first full week of April.
Despite the large gap, older pensioners are not necessarily worse off, though some might be.
These people may receive separate top-up payments, though there are complaints the system is unfair.
The older pension will gradually be phased out as each year passes and more new retirees move onto the newer, simplified version.
The triple lock guarantees an increase to the state pension each year to match whatever is highest out of inflation, wage growth or 2.5%.