Three State Pension changes hitting bank accounts from today

State Pensioners across the UK will benefit from an income boost from today, April 6, thanks to a triple lock change. The government increases State Pension rates at the start of each new tax year, with the rise determined by the highest figure out of three factors – known as the ‘triple lock’. These are the consumer price index (CPI) measure of inflation (measured for September in the previous year), average wage growth between May and July of the previous year, or 2.5%. As average wage growth was the highest out of these three factors at 4.8%, State Pension rates are rising by this amount for the 2026/27 tax year, which begins today.

MPs approved a pensions motion back in February confirming the 4.8% rise from April 6, cementing the government’s commitment to the triple lock. On Saturday (April 4), the Department for Work and Pensions (DWP) said this commitment means pensioners’ incomes will rise by up to £2,100 over this Parliament, and this year’s uprating will help millions across the UK facing cost of living pressures.

The 4.8% rise from April 6 means that state pensioners who receive the full new State Pension will be £575 better off per year, while those on the basic State Pension will get an extra £494.40 annually.

Work and Pensions Secretary Pat McFadden said: “I know global shocks, and the effects they have on our living costs, will be increasing anxiety for many households. This government will always protect our pensioners, and that’s why we are raising the full rate of new State Pension by up to £575 this coming year.”

But as the UK’s State Pension system is split into two schemes – basic and new – the amount that pension payments increase from April 6, depends on when you retired.

1. Basic State Pension

Men born before April 6, 1951, and women born before April 6, 1953, receive the basic State Pension and will see their pensions increase by 4.8% from today.

The increase will take the full basic State Pension from £176.45 per week to £184.90, giving pensioners a weekly payment increase of £8.45.

Over a full year this amounts to a maximum of £9,614.80 in pension payments (up from £9.175.40), giving those getting the full rate an extra £439.40 annually.

Of course, you need to have a certain number of qualifying years of National Insurance to get this full amount, which for a man is usually 30 qualifying years if you were born between 1945 and 1951, or 44 qualifying years if you were born before 1945.

For women, you’ll need 30 qualifying years if you were born between 1950 and 1953, or 39 qualifying years if you were born before 1950.

If you have less than the full number of qualifying National Insurance years then your basic State Pension will be less than £184.90 per week from April 6.

2. New State Pension

Men born on or after April 6, 1951, and women born on or after April 6, 1953, are eligible to claim the new State Pension once you reach State Pension age.

People claiming this pension will also see their payments rise by 4.8% from April 6, taking the full rate from £230.25 per week to £241.30 – a weekly increase of £11.05. .

Over a full year this amounts to a maximum of £12,547.60 in pension payments (up from (£11,973), giving pensioners on the full rate an extra £574.60 annually.

3. Pension Credit

The standard minimum guarantee for Pension Credit is also rising by 4.8% from today. The benefit provides extra money to those over State Pension age and on a low income to help with living costs.

As of April 6, the Pension Credit standard minimum guarantee will rise from £227.10 per week to £238 – an increase of £10.90 per week, or a maximum of £566.80 extra per year.

The joint rate is also rising by 4.8%, taking maximum payments from £346.60 per week to £363.25 in April – an increase of £16.65 per week, or £865.80 more annually.

Pension Credit, which is worth an average of £4,300 a year, is paid separately to the State Pension and if you’re eligible to claim it, it also unlocks access to a wealth of extra financial support, including help with housing costs, Council Tax discounts, the Winter Fuel Payment, NHS treatment costs, and a free TV licence if you’re aged 75 or over.