Overview
- New weekly rates are confirmed at £241.30 for the New State Pension and £184.90 for the Basic State Pension, worth about £575 and £440 more a year respectively for full-rate claimants.
- The uplift is driven by the triple lock using revised ONS average earnings growth of 4.8%, which now outpaces inflation and the 2.5% floor.
- The State Pension age will rise from 66 to 67 between 2026 and 2028, and a wider review of future ages and pension adequacy is underway with findings due in 2029.
- With personal tax thresholds frozen until 2031, more pensioners are expected to enter income tax; ministers say they will avoid small tax bills for those with only the state pension, yet cases like a £800 HMRC demand to Serps recipient Alan Perkins highlight implementation challenges.
- Eligibility and amounts depend on National Insurance records, with up to 35 qualifying years needed for a full New State Pension and many retirees receiving different totals under older basic/Serps arrangements.