With Andy Burnham moving into Downing Street, many will be wondering what this means for their pensions. Here is a full list of the current State Pension rates and rules being taken over by the new Prime Minister.
The Triple Lock guarantees that both the New post-2016 and Basic pre-2016 State Pensions rise annually by whichever is highest: average yearly earnings growth from May to July (4.8%), the CPI inflation rate for the year to September (3.8%), or 2.5%. Additional State Pension elements and deferred State Pensions increase yearly with September’s CPI figure. The full New State Pension has already gone up by approximately £575 to £12,548 this year, which began in April.
Former pensions minister, Torsten Bell, said: “After a lifetime of work and contribution, people deserve a decent retirement. Raising the State Pensions faster than prices, ensuring it is a pension they can rely on, is how we make that a reality for millions.”
As well as the triple lock boosts going forwards, the UK Government has recently announced that HMRC will implement new protocols this year to ensure that pensioners, whose sole source of income is the State Pension, will not be required to submit a Simple Self Assessment tax return if their payment exceeds the Personal Allowance threshold of £12,570.
New State Pension payment rates 2026/27
Four-weekly pay period: £965.20
Four-weekly pay period: £739.60
Other State Pension rates
Category C or D – non-contributory: £110.75 (from £105.70)
Full details on Additional State Pension, Widows’ Pension, increments and Invalidity Allowance can be found on GOV.UK.
Standard minimum guarantee
Couple: £363.25 (from £346.60)
Additional amount for severe disability
Couple (one qualifies): £86.05 (from £82.90)
Couple (both qualify): £172.10 (from £165.75)
Additional amount for carers: £48.15 (from £46.40)
Guidance on GOV.UK states: “You pay tax if your total annual income adds up to more than your Personal Allowance.”
Your total income could include:
Private pension (workplace or personal)
Earnings from employment or self-employment
Any taxable benefits you get
Any other income, such as money from investments, property or savings
Check if you have to pay tax on your pension
Before you can check, you will need to know:
How much State Pension and private pension income you will get this tax year (April 6 to April 5)
The amount of any other taxable income you’ll get this tax year (for example, from employment or state benefits)
You cannot use this tool if you get:
Blind Person’s Allowance