{"id":125740,"date":"2026-09-20T13:15:00","date_gmt":"2026-09-20T12:15:00","guid":{"rendered":"https:\/\/en.econostrum.info\/uk\/?p=125740"},"modified":"2026-09-20T11:38:04","modified_gmt":"2026-09-20T10:38:04","slug":"state-pension-on-course-for-13000-milestone","status":"publish","type":"post","link":"https:\/\/en.econostrum.info\/uk\/state-pension-on-course-for-13000-milestone\/","title":{"rendered":"State Pension on Course for \u00a313,000 Milestone as New Figures Emerge"},"content":{"rendered":"\n

The full new UK state pension is expected to rise above \u00a313,000 a year from April 2027 after official earnings figures showed annual total pay growth of 3.9%. If that figure determines the next triple-lock increase<\/strong>, the full rate would reach \u00a3250.70 a week, or \u00a313,036.40 a year.<\/p>\n\n\n\n

The change would also bring the pension above the current \u00a312,570 Personal Allowance, renewing attention on how pension income will be treated for tax purposes. The final pension increase has not yet been confirmed because September\u2019s inflation figure must still be considered under the triple-lock formula.<\/p>\n\n\n\n

Wage Growth Puts the Full New State Pension Above \u00a313,000<\/strong><\/h2>\n\n\n\n

The state pension triple lock guarantees an annual increase based on whichever is highest: average earnings growth, inflation or 2.5%. For the earnings measure, the relevant figure is based on average wage growth<\/strong> between May and July.<\/p>\n\n\n\n

According to the Office for National Statistics<\/a>, annual growth in total earnings, including bonuses, was 3.9% in May to July 2026, down from 4.2% in the previous three-month period. Regular earnings excluding bonuses rose by 3.5%.<\/p>\n\n\n\n

If the 3.9% earnings figure sets the pension increase, the full new state pension<\/strong>, available to people who reached state pension age after April 2016, would rise by \u00a3488 a year. Its weekly value would increase from \u00a3241.30 to \u00a3250.70, taking the annual payment to \u00a313,036.40. The old basic state pension, applying to people who reached state pension <\/a>age before April 2016, would rise to \u00a3192.10 a week. That equates to \u00a39,989.20 a year, an increase of \u00a3374.40.<\/p>\n\n\n\n

The wider labour market figures showed weaker conditions in some areas. The ONS recorded an unemployment rate of 4.9% in May to July, while the estimated number of vacancies fell to 702,000 in June to August. Payrolled employee numbers also declined over the latest comparable periods. BBC<\/a> reporting noted that almost 13 million people<\/strong> receive the state pension in the UK. Pensioner groups have argued that older households continue to face pressure from living costs, while economists have raised questions about the long-term cost of the triple lock.<\/p>\n\n\n\n

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News. It's likely the State Pension will rise by 3.9% next April based on the rise in average earnings that has just been published. This'd take the full new State Pension to just over \u00a313,000, yet the tax free personal allowance is frozen at \u00a312,570.

Will the govt honour Rachel\u2026 https:\/\/t.co\/I4wUgB56Eq<\/a><\/p>— Martin Lewis (@MartinSLewis) September 15, 2026<\/a><\/blockquote>