The increase will come into play from April 2026, with more than 12 million people benefiting

Millions of pensioners will see a boost in payments after the Chancellor of the Exchequer announced a higher-than-inflation rise. As part of today’s Budget announcement more than 12 million people will experience an increase in their State Pension from April next year.

This includes approximately 4.1 million people on the full rate of the New State Pension who will gain an extra £575 a year. And around 8.8 million people who get the pre-2016 State Pension will benefit from an additional £440.

It comes as part of what is known as the triple lock, which guarantees that the state pension goes up each year in line with either inflation, wage increases or 2.5 per cent - whichever is the highest.

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