State Pension Could Rise By More Than £400 In 25/26 - Announcement Expected Soon

5th September 2024

The BBC has uncovered the fact that the new full state pension in the UK could rise by more than £400 per year.

The Treasury's internal working calculations, reportedly seen by the BBC, revealed the pension could be boosted as a result of April's triple lock.

Changes would take the full state pension to around £12,000 in 2025/26, after the £900 increase in 2023.

Pre-2016 retirees who may be eligible for the secondary state pension could see a £300 per year increase.

The new state pension system was introduced in 2016 to provide a sustainable, clear foundation pension for people to build their private savings.

Any decision on a pension increase will be made by secretary of state for work and pensions Liz Kendall ahead of October's budget. Chancellor Rachel Reeves on Monday reaffirmed the government's backing of the triple lock until the end of this parliament.

The report comes amid backlash over the government's decision to ditch the winter fuel allowance for the majority of households.