Ms Reeves will reportedly be ousted by new incoming Prime Minister, Andy Burnham.
09:54, 19 Jul 2026Updated 10:02, 19 Jul 2026
Rachel Reeves has confirmed a £575 state pension rise before her exit as Chancellor- but not for all over-65s. Ms Reeves, the Labour Party Chancellor, is widely expected to be replaced in Number 11 by Birmingham MP Shabana Mahmood.
Article continues below
Ms Reeves will reportedly be ousted by new incoming Prime Minister, Andy Burnham. This tax year, the full pension is going up by £575 to £12,547 a year, thanks to the Triple Lock, which Ms Reeves has committed to.
The increase for older seniors on the basic pension will be smaller at £440, taking the total to £9,615. These rates are determined by the state pension triple lock, which widens the gap between the two amounts each year.
READ MORE Andy Burnham £300 bonus payments instantly cut to £100 for these households
The current state pensiion age is 66 but rising to 67. Typically, only men born after 1951 and women after 1953 get the new, full rate.
We use your sign-up to provide content in ways you’ve consented to and improve our understanding of you. This may include adverts from us and third parties based on our knowledge of you. More info
Everyone else is on the basic. The old State Pension has two tiers: the basic State Pension (BSP) – a contributory flat-rate benefit to which people built entitlement on the basis of their National insurance (NI) record, with 30 ‘qualifying years’ needed (reduced in April 2010 from 44 years for Men and 39 years for women) for the full amount.
A qualifying year is one in which a person has paid, been treated as having paid, or been credited with, enough National Insurance contributions (NICs) for it to count. People with fewer qualifying years get a proportionate amount.
The other tier is the additional State Pension – this depended on the earnings or deemed earnings during their working life since 1978. People built up entitlement through the State Earnings Related Pension Scheme (SERPS) between 1978 and 2002, and the State Second Pension (S2P) from 2002 onwards.
Article continues below
Pension experts at Spencer Churchill Claims Advice said: “This increase will be very welcome for millions of pensioners who are finding it increasingly difficult to keep up with rising living costs.
“However, the policy is becoming significantly more expensive for the Government every year. The triple lock now costs far more than originally forecast.
“Analysis from the Office for Budget Responsibility has highlighted that the triple lock is now costing around three times more than expected when it was introduced.”
Ms Reeves will reportedly be ousted by new incoming Prime Minister, Andy Burnham.
09:54, 19 Jul 2026Updated 10:02, 19 Jul 2026
Rachel Reeves has confirmed a £575 state pension rise before her exit as Chancellor- but not for all over-65s. Ms Reeves, the Labour Party Chancellor, is widely expected to be replaced in Number 11 by Birmingham MP Shabana Mahmood.
Article continues below
Ms Reeves will reportedly be ousted by new incoming Prime Minister, Andy Burnham. This tax year, the full pension is going up by £575 to £12,547 a year, thanks to the Triple Lock, which Ms Reeves has committed to.
The increase for older seniors on the basic pension will be smaller at £440, taking the total to £9,615. These rates are determined by the state pension triple lock, which widens the gap between the two amounts each year.
READ MORE Andy Burnham £300 bonus payments instantly cut to £100 for these households
The current state pensiion age is 66 but rising to 67. Typically, only men born after 1951 and women after 1953 get the new, full rate.
We use your sign-up to provide content in ways you’ve consented to and improve our understanding of you. This may include adverts from us and third parties based on our knowledge of you. More info
Everyone else is on the basic. The old State Pension has two tiers: the basic State Pension (BSP) – a contributory flat-rate benefit to which people built entitlement on the basis of their National insurance (NI) record, with 30 ‘qualifying years’ needed (reduced in April 2010 from 44 years for Men and 39 years for women) for the full amount.
A qualifying year is one in which a person has paid, been treated as having paid, or been credited with, enough National Insurance contributions (NICs) for it to count. People with fewer qualifying years get a proportionate amount.
The other tier is the additional State Pension – this depended on the earnings or deemed earnings during their working life since 1978. People built up entitlement through the State Earnings Related Pension Scheme (SERPS) between 1978 and 2002, and the State Second Pension (S2P) from 2002 onwards.
Article continues below
Pension experts at Spencer Churchill Claims Advice said: “This increase will be very welcome for millions of pensioners who are finding it increasingly difficult to keep up with rising living costs.
“However, the policy is becoming significantly more expensive for the Government every year. The triple lock now costs far more than originally forecast.
“Analysis from the Office for Budget Responsibility has highlighted that the triple lock is now costing around three times more than expected when it was introduced.”v
Ms Reeves will reportedly be ousted by new incoming Prime Minister, Andy Burnham.
09:54, 19 Jul 2026Updated 10:02, 19 Jul 2026
Rachel Reeves has confirmed a £575 state pension rise before her exit as Chancellor- but not for all over-65s. Ms Reeves, the Labour Party Chancellor, is widely expected to be replaced in Number 11 by Birmingham MP Shabana Mahmood.
Article continues below
Ms Reeves will reportedly be ousted by new incoming Prime Minister, Andy Burnham. This tax year, the full pension is going up by £575 to £12,547 a year, thanks to the Triple Lock, which Ms Reeves has committed to.
The increase for older seniors on the basic pension will be smaller at £440, taking the total to £9,615. These rates are determined by the state pension triple lock, which widens the gap between the two amounts each year.
READ MORE Andy Burnham £300 bonus payments instantly cut to £100 for these households
The current state pensiion age is 66 but rising to 67. Typically, only men born after 1951 and women after 1953 get the new, full rate.
We use your sign-up to provide content in ways you’ve consented to and improve our understanding of you. This may include adverts from us and third parties based on our knowledge of you. More info
Everyone else is on the basic. The old State Pension has two tiers: the basic State Pension (BSP) – a contributory flat-rate benefit to which people built entitlement on the basis of their National insurance (NI) record, with 30 ‘qualifying years’ needed (reduced in April 2010 from 44 years for Men and 39 years for women) for the full amount.
A qualifying year is one in which a person has paid, been treated as having paid, or been credited with, enough National Insurance contributions (NICs) for it to count. People with fewer qualifying years get a proportionate amount.
The other tier is the additional State Pension – this depended on the earnings or deemed earnings during their working life since 1978. People built up entitlement through the State Earnings Related Pension Scheme (SERPS) between 1978 and 2002, and the State Second Pension (S2P) from 2002 onwards.
Article continues below
Pension experts at Spencer Churchill Claims Advice said: “This increase will be very welcome for millions of pensioners who are finding it increasingly difficult to keep up with rising living costs.
“However, the policy is becoming significantly more expensive for the Government every year. The triple lock now costs far more than originally forecast.
“Analysis from the Office for Budget Responsibility has highlighted that the triple lock is now costing around three times more than expected when it was introduced.”