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Older state pensioners across the UK are projected to receive £2,933 less in State Pension payments per year in 2026 compared to younger retirees due to the triple lock.

The government raises the State Pension rates at the beginning of each new tax year in April. The increase is determined by one of three factors - known as the 'triple lock'.

These include 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%. The highest of these three will determine the rise in the State Pension for the new tax year.

Pensioners are on track for a 4.8% increase in the State Pension from April 2026, in line with average wage growth, following the release of figures from the O

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