State pensioners on track for up to £539 extra cash in next triple lock boost | Personal Finance | Finance
New state pensioners are in line for a huge boost to their annual benefit income – but will avoid a tax bill from HMRC for at least one more year.
New state pensioners are in line for a boost to their state pension worth nearly £539 year. That’s because the Triple Lock forecasts show that right now, the benefit is set to increase by 4.8% next year.
The new state pension was introduced in 2016 and applies to all men born after April 5, 1951 and women born after April 5, 1953. Everyone who gets the full new State Pension will be handed another £XX a year thanks to the Triple Lock, according to the latest figures.
The DWP has to increase the amount paid to those who receive the state pension each year thanks to the ‘Triple Lock’ system, which enshrines in law that everyone who is eligible for the handout from the Department of Work and Pensions must see an increase each year, either level with inflation, wage growth or by 2.5%, whichever is highest. new Prime Minister Andy Burnham has already committed to the triple lock for the upcoming Budget this October, which was a Labour manifesto promise.
Consumer Price Index figures for March to May 2026 dictate that it would be a handy 4.3% increase for pensioners per year. However, these are not the final figures which will be used to calculate the triple lock wage growth element, which is taken from the May to July figures, set to be released in September.
But if the figures were to remain the same, it would lead to a £539.54 per year boost for a new state pensioner with a full National Insurance record. If wage growth drops in the following three month period, the calculation would reduce, but if it increases, the triple lock rises yet higher.
The absolute minimum rise possible is £313.69, as this is the minimum floor 2.5% for an increase.
Right now, the full new post-2016 state pension is set at £12,547.60 per year, so a 4.3% increase would add £539 per year to pensions, taking the weekly payments from their current £241.30 per week to about £251.67 per week, or £13,086.84 per year in total, based on the Express’ calculations.
For older state pensioners, the increase would be the same 4.3% rise, but on a smaller starting amount, as the older state pension pays a smaller total, currently £184.90 per week. However, older state pensioners can also get now-defunct schemes such as Second State Pension or SERPs, which younger state pensioners can’t access.
