Chancellor Rachel Reeves today unveiled the Labour Government’s second Autumn Budget, announcing a significant boost for State Pensioners across the UK. Starting April 2026, pensioners receiving the full new State Pension will benefit from an increase to £241.30 per week, marking a 4.8% rise from the current rate of £230.25.
This uplift is secured by the government’s commitment to maintaining the Triple Lock policy throughout this parliamentary term. Annually, this equates to a maximum pension payment of £12,547.60 for those on the full new State Pension.
Older pensioners entitled to the full basic State Pension will see their weekly payments rise to £184.90, totaling £9,614.80 per year.
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HM Treasury emphasized the impact of this policy: “Thanks to our commitment to the pension Triple Lock for this parliament, pensioners on the full new State Pension across the UK are set to receive an extra £575 a year, starting April 2026.”
Speaking about the increase, Reeves stated, “Whether it’s our commitment to the triple lock or to rebuilding our NHS to cut waiting lists, we’re supporting pensioners to give them the security in retirement they deserve. This budget lays out fair choices to address national priorities like reducing NHS waiting times, cutting national debt, and lowering the cost of living.”
However, not everyone views this increase as sustainable. Gerard Boon, Managing Director of Boon Brokers, warned, “Pushing pension income ahead of wage growth is becoming less practical and ultimately unsustainable. With an ageing population, more taxpayer money will be dedicated to pensions, potentially squeezing funds for other public services. It’s likely the government will need to revisit the Triple Lock policy in the future.”
For pensioners facing financial challenges, Boon recommends practical actions such as claiming Pension Credit, exploring council tax reductions, and seeking available energy support to ease living costs.