A report claims that the new full state pension will increase by over £400 per year. According to the BBC, Treasury calculations show that the pension might be increased as a consequence of the Triple Lock.
State Pension Set for Significant Boost Following Triple Lock Support
According to the Express, changes would bring the full state pension to about £12,000 in 2025/26, following a £900 increase in 2023. Those who retired before 2016 who may be qualify for the secondary state pension could enjoy a £300 annual rise.
The new state pension scheme was implemented in 2016 to create a stable, predictable system upon which people can develop their private savings. Any decision regarding a pension rise will be taken by Secretary of State Liz Kendall before the October budget. On Monday, Chancellor Rachel Reeves confirmed the government's support for the Triple Lock until the end of the current Parliament.
The Triple Lock mechanism automatically boosts the state pension by a maximum of three measures beginning in April of each year. These are the rates of inflation, average pay growth, and 2.5 percent.
State Pension Shortfall Exposed Amid Winter Fuel Allowance Cut
The report comes following a pushback against the government's decision to eliminate the Winter Fuel Allowance for a great number of pensioners.
According to a recent analysis, just around half of those who received the new state pension last year received the entire weekly amount, with approximately 150,000 earning less than £100 per week.
According to Royal London, 1,737,342 of the 3,407,567 people eligible for the new pension were paid the full weekly sum the previous year.
The estimates were done using the DWP's data from the spring of 2023. The full state pension for 2024/25 is £221.20 per week, an increase from £203.85 last year.