EXCLUSIVE: Older state pensioners are in line for up to £413 extra per year as things currently stand.
The DWP is set to hand out another £413 a year (Image: Getty)
Older state pensioners are in line for a big boost to their annual benefit income thanks to the next Triple Lock rise which new Prime Minister Andy Burnham has already committed to.
Pre-2016 state pensioners, as well as new post-2016 state pensioners, are in line for a boost to their state pension worth 4.3% per year, unless wage growth figures for next quarter change again.
Under the Triple Lock system, the DWP has to increase the amount paid to those who receive the state pension each year, which enshrines in law that everyone who is eligible for the handout from the Department of Work and Pensions must see an increase each April, either level with inflation, wage growth or by 2.5%, whichever is highest. New Prime Minister Andy Burnham has already committed to the triple lock for the upcoming Budget this October, which was a Labour manifesto promise.
Consumer Price Index figures for March to May 2026 dictate that it would be a handy 4.3% 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.
But if the figures were to remain the same, it would lead to a £413 per year boost for an older state pensioner with a full National Insurance record. If wage growth drops in the following three-month period, the calculation would reduce, but if it increases, the triple lock rises yet higher.
The absolute minimum rise possible is £240, as this is the minimum floor 2.5% for an increase.
Right now, the old state pension is set at £9,614.80 per year. A 4.3% increase would see it rise by £413.43, or an extra £7.95 per week, taking payments up to approximately £192.85 per week from their current £184.90.
By comparison, the full new post-2016 state pension is set at £12,547.60 per year, so a 4.3% increase would add £539 per year to pensions for younger pensioners. taking the weekly payments from their current £241.30 per week to about £251.67 per week, or £13,086.84 per year in total, based on the Express’ calculations, a far larger amount.