New rates for 2025/26 set to come into force from April
Millions of state pensioners will notice increases to their regular payments from the start of April.
New state pension rates for 2025/26 are coming into force for the start of the new financial year.
It will mean a boost to the bank balances of millions of older people.
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The new state pension, paid to those who retired after April 2016, is rising from £221.20 a week to £230.25.
That will equate to an extra £36.20 a month extra dropping into bank accounts, and be worth an extra £470 a year.
The latest boost to the state pension comes under the terms of the Government’s triple lock policy, which guarantees an increase of at least 2.5% a year, and often higher.
This year the state pension is going up by 4.1%.
While pensioners are being protected, it also comes at a time when the Government is announcing cuts to disability benefits like PIP.
Figures will be different for those on the old state pension.
Those who retired before 2016 will get up to £176.45 a week, up from £169.70.
The new Labour Government confirmed it would be honouring the triple lock policy for 2025/26 after winning power.
This means the state pension rises each year to match whatever is highest out of inflation, wage growth or 2.5%.
However, the longer term future of the triple lock remains uncertain given the UK’s ageing population, amid suggestions it will eventually become unsustainable.
