Overview
- From April 2026, the full new state pension rises by £575 to £12,547 a year and the basic pension increases by £440 to £9,615.
- The uplift is set by the triple lock, which raises payments by the highest of inflation, average earnings growth or 2.5%.
- Quilter says many retirees typically recoup lifetime National Insurance contributions within about seven years of claiming, urging MPs to examine the mechanism’s fairness.
- The Department for Work and Pensions rejects Quilter’s single‑figure approach, and Labour says the triple lock remains a manifesto commitment for this Parliament.
- OBR figures show state pension spending at £146 billion this year and project a rise to about £172 billion by 2029–30, as experts like Sir Steve Webb float options such as fixing the benefit once it reaches one‑third of average earnings.