Older state pensioners set for lower £394 triple lock cash boost under Andy Burn

Older state pensioners are set to be handed a triple lock boost to their income - but the cash rise will be lower than the increase given to new, post-2016 state pensioners.

Each year, the triple lock increases state pension payments from the DWP by one of three metrics: wage growth, inflation or a flat 2.5%, whichever is highest. New Prime Minister Andy Burnham has already gone on record to commit to keeping the triple lock, despite concerns about its long term affordability.

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Consumer Price Index figures for April to June 2026 dictate the next triple lock, if the figures remain the same next month, would be a handy 4.1% 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.

Currently, the full new post-2016 state pension is set at £12,547.60 per year, so a 4.1% increase would add £514.45 per year to pensions, taking the weekly payments from their current £241.30 per week to about £251.20 per week, for someone with a fulll National Insurance record.

For older state pensioners, the increase would be the same 4.1% 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 the Second State Pension or SERPs, which younger state pensioners can't access.

Someone on a full basic state pension would see their weekly amount rise from £184.90 per week to around £192.50 from next April, based on the same 4.1% increase, for someone with a full National Insurance record.

The absolute minimum rise possible is £313.69 for a new state pensioner, and £240 for a basic older state pensioners, as this is the minimum floor 2.5% for an increase.

Helen Morrissey, head of retirement analysis at Hargreaves Lansdown, said: “Average wage growth plus bonuses stood at 4.1 per cent between April-June. This could prove to be an interesting figure for state pensioners as next month’s data is a key part of the formula for the state pension triple lock."

Ms Morrisey stressed, though, that even these amounts will not be enough in retirement, and to boost your workplace pension.

She continued: "While an inflation-busting increase will be good news for pensioners, the fact remains that the state pension on its own does little more than cover the essentials. If you want more from your retirement, then you need to make the most of your workplace and personal pensions.

"Auto-enrolment has done a great job in recent years in getting more people saving into a pension. However, for many, saving at auto-enrolment minimums will not enable them to maintain their lifestyle in retirement. To prevent a nasty shock, it pays to consider what you want your retirement to look like and then you can calculate how much it might cost. A nice retirement means different things for different people – some may want to travel the world; others may want to stick closer to home but spend more time with family and friends.

“Make use of online tools from your pension provider, such as online calculators. These can tell you how much you are on track to receive. If you aren’t quite where you want to be, you can also model the impact of increasing your contributions over time. Taking small steps, such as increasing your contributions every time you receive a pay rise, can make a huge difference. You can also make the most of employer contributions. Many businesses contribute at auto-enrolment minimum levels, but others contribute more if you do – the so-called ‘employer match’. If you’ve got the extra cash, then the extra boost from your employer can make all the difference to your lifestyle in retirement.”